– mining sector contributed heavily to this trend

CHAIRMAN of the Board of Directors of the Guyana Geology and Mines Commission (GGMC), Clinton Williams has highlighted the performance of Guyana’s extractive sector, noting that it has recorded consistent economic growth in excess of 5% over the last five years. 

Delivering brief comments on the sector’s performance at the Foreign Direct Investment Study Inception Workshop last week at Herdmanston Lodge conference room, Mr. Williams said that over the last five years the Guyanese economy has been recording consistent economic growth in excess of 5% and the mining sector which is led by gold and diamond mining has been contributing heavily to this trend, recording an average of 10% and 7.6% respectively.
He further stated that in 2013 the sector’s contribution was 11.6% with 9.2% from gold and diamonds while the sector also recorded earnings of approximately $170B and $133B. The representation given is approximately US$660M or 50% of Guyana’s foreign exchange earnings and to a large extent might have served as the major factor in ensuring macro-economic stability in terms of stabilization of Guyana’s foreign exchange rate fluctuation.
The weighted average declaration by small and medium scale miners is projected to stabilise at approximately 454,000 ounces per annum while large scale production is factored at 127,000 to 225,000 ounces depending on start-up dates. This implies that large scale producers are expected to generate over 50% of total production by the end of the period.
Furthermore, he noted that this performance was realised notwithstanding the significant variation in the international price. Moreover, he noted that gold price is estimated at US$1300 per ounce and has been adhering to a similar trend over the last six years.

(By Shivanie Sugrim)