Elevated view of Gold Mining processing plant

Gold production increases in Guyana; revenue up US$12 million

Elevated view of Gold Mining processing plant

Revenue for gold in Guyana increased almost US$12 million following record-breaking declarations of the metal last year.

Elevated view of Troy Resources gold mining processing plant in Guyana.

According to the Ministry of Natural Resources (MNR) gold declarations stood at 634,905 ounces for 2019, compared to 616,223 ounces the previous year. The total difference of 18,682 ounces of gold resulted in US$11.8 million more in revenues than the corresponding period, taking the year’s total US$111,971,234.

The Ministry said “Of the declarants, Guyana Goldfields and Troy Resources stand as two large scale investors which, despite severe challenges and constraints, managed to have reasonably good production.” Additionally, 58 per cent of actual declarations were accounted for by Licensed Gold Dealers which purchased from small and medium scale gold miners.

With the 11.81 per cent growth in revenue, the MNR thanked miners who faced “the many challenges and constraints faced in the industry” which included a lengthy wet season and labour unrest.

“The MNR also acknowledges the efforts and responsible conduct of the declarants and praises the Board of Directors and staff of the Guyana Gold Board who have been key facilitators of this process. As the year 2020 progresses, it is hoped that the practice of increasing these declarations continues through the recommended and accepted processes.”

Total revenue for gold declarations were US$111,971 million.

Troy Resources laid off some 300 workers last November amid financial problems. At the time, it said its tenuous financial position was further affected by the temporary closure of its mine following the death of a minor during an accident.

“The Ministry recognises mining as a critical component of the Guyanese economy. As such, the Government of Guyana, and the MNR in particular, continues to promote the growth of the sector in the most sustainable way by providing regulatory, fiscal and infrastructural support to aid miners in their worthwhile endeavours.”