Last year was another “sterling” year for gold with export earnings of US$346.4M, an increase of over 22% over 2009, according to the Guyana Gold Board.
In 2010, the gold declaration was 308,438 ounces, an increase of 3260 ounces over the 2009 declaration of 305,178 ounces, the Board said in a release. It noted that while declarations did not reach the 311,816 ounces as projected in the National Budget 2010, this marks the second year in succession that declarations have topped the 300,000 ounces mark. “There are varying views on the shortfall in declarations with the main reason centred on the early dry spell in 2010 and the heavy rainfall around July/August”, the release said.
Further, the release said, export earnings were US$346.4 million compared with USS281.7 million in 2009, an increase of 22.98 percent. These amounts include exports by dealers licensed by the Guyana Gold Board. The increased earnings is attributed to the higher prices that prevailed in 2010, the average being US$1235 per ounce compared to the 2009 average of US$972 per ounce. In 2010 the price of gold reached a high of $1426 and a low of $1052 per ounce, the release said.
The Board noted that it recorded its highest turnover ever in 2010 reaching US$291.7 million compared with US$243.8 million in 2009. It said that profitability is also expected to be at the highest in 2010.
With regard to the environmental and social responsibility, the Board said that it has invested in two new mercury abatement systems to be installed at its offices in Georgetown and Bartica, which will enhance the processing of gold sold by miners to the Board.
The release added that last year, the Board made contributions to the Guyana Relief Council to help the residents of Mahdia who were affected by fire. Contributions were also made to activities in the Bartica area where the Board has a branch.
