Although small- and medium-scale gold miners recorded a drop in production last year, the Guyana Gold and Diamond Miner’s Association (GGDMA) has said there was nevertheless a rise in export earnings from the precious metal over the previous year.
In a recent press release, the GGDMA congratulated the small-and medium-scale miners for achieving a production of 485,552 ounces of gold for 2020, and earning US$808,587,118 in export earnings when compared to US$619,988,745 for 2019.
Gold prices rose last year in the face of the pandemic, which accounts for the higher earnings.
The GGDMA noted that the production small-and medium-scale miners accounts for more than 75% of the country’s total gold production. It added that the production is slightly below that of 2019 but “significant and noteworthy” given that the mining industry, in 2020, “faced severe challenges caused by the global pandemic, financial and infrastructural constraints and a difficult tax regime.”
The GGDMA also noted the miners’ commitment to the production target as well as their continued performance and said it “continues to lobby the government for additional reliefs and tax support for the local industry to increase productivity and mobilize additional investment.”
