Mining, quarrying sectors saw major growth in 2016

Gold production remains on track to surpass 600,000 ounces by the end of the year, thanks to the efforts of small and medium scale miners.

Minister of Finance, Winston Jordan told the National Assembly during his presentation of the 2017 Budget today, that gold production is expected to reach 644,814 ounces. The 2016 Budget projected 550,000 ounces.

The Minister credited the high target achievement to “the generous concessions granted by Government and rising global gold prices, and the two foreign-owned companies reaching full capacity.”

Gold is expected to continue its “stellar performance” in 2017. Minister Jordan said government will continue to work with stakeholders to ensure adherence to declaration, and tax and environmental obligations.

Meanwhile, the bauxite industry is also expected to improve its performance by the end of the year. There is a 9.6 percent expected. In 2017, the performance in the bauxite industry is programmed to improve further, Minister Jordan noted.

Overall, mining and quarrying is expected to have the highest growth rate in over a decade. The sector is expected to grow by 35.7 percent by the end of 2016. Other mining and quarrying minerals are expected to rise by 22 percent as a result of increased stone and sand production.

(GINA)