THE Ministry of Natural Resources and the Environment (MNR&E) along with the Guyana Gold Board (GGB)has secured the services of a Voluntary Advisor from the Canadian Executive Service Organization (CESO) to assist with the development of a policy framework on capital risk management for the gold mining sector in Guyana.The CESO expert has been identified as Mr. William Oates and the MNR&E has disclosed that an interactive session has been set with Mr. Oates for 09:30hrs tomorrow in its Boardroom in Brickdam.
Invitation
All gold and diamond miners have been invited to attend and participate. The initiative by the ministry is the latest move to help miners to adjust to falling gold prices and high operational costs and keep their operations afloat.

A source in the industry said that it is timely, particularly since the Guyana Gold and Diamond Miners Association (GGDMA) recently noted that a 2014 prediction by experts in the Gold Commodities Market is not very optimistic.

The GGDMA recently advised gold and diamond miners to review their operations and provided guidelines for doing so.

Among these guidelines was the advice that all categories of mine workers should be paid on production, not on a fixed monthly rate.

“This in particular extends to excavator and other heavy machinery operators. Doing so will ensure that care is taken of your machinery and that staff work together to keep the operation functional and profitable,” the GGDMA said.
Miners were also advised to take serious steps to improve on the efficiency of their sluice-boxes to take average gold recovery rates above the current 40% to 50%.

Other advice to them includes the need for them to spend more time planning, setting production targets and budgeting themselves so that they are aware of levels of production required to make their operations possible.

The GGDMA has also requested that there be a reduction in the unreasonable prices charged by some transporters, fabricators, equipment and spare parts distributors.

“Their prices have gradually increased over the years as the price of gold had escalated, now that it is on the decline we expect that they will also respond to this changing tide by reducing their prices,” the association stressed.
Written By Clifford Stanley