Minister of Natural Resources, Raphael Trotman yesterday said that gold declarations were at an unprecedented 690,000 ozs for 2016.
At an end-of-year press conference he said that that the Ministry of Finance had projected a gold declaration target of 550,000 ounces for 2016, an increase of 21.8 % over the previous year’s target.
“However, the Ministry of Natural Resources, the GGMC and the Guyana Gold Board, privately worked towards a different target which was 650,000. As announced in the National Assembly recently, we surpassed that target. Today, I am ecstatic to announce that declarations stand at an unprecedented and whopping 690,000 – the highest gold declaration figure in any calendar year in the history of gold mining in Guyana”, Trotman exulted.
He lauded the small and medium scale miners for delivering the majority of this gold and as well the two larger companies Guyana Goldfields and Troy Resources.
He said that the Government looks forward to all miners producing and declaring high numbers in 2017 and pledges to continue to support the industry as it aims for a total declaration of 700,000 ounces in 2017.
Trotman said that government has recognised that some changes are needed in the regulation and management of the industry. In 2015, upon assuming office it was recognised that the Guyana Gold Board had over a number of years racked up a deficit of more than GY$9B.
“This was an untenable situation which cannot be allowed to continue. This demanded a comprehensive review of the 35 year old organisation, which upon completion, informs us that the Board has to transition into the role of Regulator and diminish its role as a purchaser of gold. In a few weeks we will be meeting with miners, miners associations, and gold dealers to define the way forward”, Trotman said.
He added that the Government will continue to look at best practices both regionally and further afield, with a view to making the Guyana Gold Board a more vibrant, effective and viable entity. Early 2017 will see significant changes in the way the Board does business, he added.
