Gold production by Canadian firm Guyana Goldfields Inc has narrowed the gap in gold declaration figures which was 317,036 ounces up to October 21 this year, slightly less than the 320, 133 ounces up to October last year.
Up to June this year there was a significant gap with gold production pegged at 165,976 ounces compared to 198,046 ounces for the same period last year. However, data from the Guyana Gold Board (GGB) showed that the gap had narrowed significantly and this was attributed to a shipment from Guyana Goldfields’ Aurora Gold Mine.
The Canadian firm celebrated its first gold pour last month and the company has said that it expects to produce between 30,000 ounces to 50,000 ounces of gold in 2015, depending on how quickly full ramp-up is achieved, and around 120,000 ounces to 140,000 ounces of gold in 2016.
According to GGB figures, gold exports both by dealers and the GGB up to October 21 amounted to 303, 306 ounces valued at US$341.3 million. Up to October last year, exports were 309, 140 ounces worth US$382 million. Gold prices have tumbled from 2013 highs.
For this year, exports by dealers have increased over last year. However, the GGB exported less than it did in the same period last year. Production and export figures have been under increased scrutiny after recent revelations of large-scale gold smuggling.
In his Budget speech in August, Minister of Finance Winston Jordan said that following a decline last year, gold production is expected to improve significantly in 2015/2016 and beyond with two large-scale mines expected to begin production.
Gold declarations and earnings have been on a downward spiral since last year following a record high in 2013. In 2009, gold declarations were 305,178 ounces, while in 2010 declarations rose to 308,438 ounces. In 2011, gold declarations amounted to 363,083 ounces increasing to 438,645 ounces in 2012.
The following year, 2013, the gold industry achieved total declarations of 481,087 ounces representing the highest level of production in the history of the industry. However, in 2014, gold declarations dropped by almost 20% compared to the previous year, ending at 387,508 ounces.
Apart from Guyana Goldfields, another large operator, Australian firm Troy Resources Limited, is expected to begin production this year.
