Gov’t targets 600,000 ounces gold production- happy with increased price

The increase in gold prices on the international market which spiked following UK’s vote to leave the European Union (EU) last Friday, could help Guyana surpass its targeted production.

Minister of Natural Resources, Raphael Trotman, said the Government is happy with this development.

However he added, “We’re not happy that our increase comes really on the back of a broken system elsewhere.”

Gold is now trading at just over US$1300 per ounce on the international market.

This increase on the international market is likely to help Guyana surpass its targeted production and declaration in gold locally. Guyana’s budgeted target for gold production this year is 550,000 ounces, however, the minister added that he would like to see gold declaration surpass 600,000.

On the UK’s vote to leave the EU, Trotman said “stability is what the world wants so anything that disrupts the national or global order is something that we should all be concerned about.”

(Modified from GINA)