Gold export earnings top US$603M

The Ministry of Natural Resources has recorded an increase in export earnings for the period January to September 2017.

In a statement today, the Ministry said gold declarations as at September 29, 2017, stand at 475,202 ounces. Small and medium scale miners produced 309,787 ounces while the two large mining operations—Guyana Goldfields and Troy Resources produced 117,002 ounces and 48,412 respectively.

A target of 700,000 ounces was set for 2017 and the Ministry said predictions are for increased production and declarations in the last quarter of the year.

Total export earnings as at September 29, 2017, stood at US$603,980,775 compared with US$575,869,243 for the same period last year.

At the end of 2015, the gold sector grew by 16.4 percent and declared at 451,490 ounces—90 percent of which came from small miners. 2016’s record production was713,000 ounces as a result of the combined efforts of small and medium-sized miners.

The Ministry is imploring all miners to declare their gold to the Guyana Gold Board or to licensed gold dealers.