The Guyana Gold Board (GCB) has no role to play in collecting royalties from large-scale gold mining companies and this was made clear in the agreements the companies signed with respective governments and highlighted by it to the Ministry of Finance back in 2019, former head of the agency, GHK Lall, says.
With both governments knowing that these companies export their own gold and do not sell to the GGB, it is shameless for the current administration to try to lay the blame of non-collection of over $2 billion in royalties by Australian gold mining company, Troy Resources, on the agency, Lall contends.
“In 2014, a mineral agreement was signed… regarding Troy Resources. In that October 2014 agreement/contract, there was absolutely no mention of the Guyana Gold Board and it having any responsibilities for collection of royalties, revenues or any such monies. More importantly in that mineral agreement, there is very specific language that says that Troy Resources will deposit into the Bank of Guyana account in the Federal Reserve in New York, monies due to this country as royalties,” Lall who served in capacity as the Head of the Gold Board up to 2019, told the Stabroek News in an interview.