IN the first half of 2011, local gold production increased by 16 percent, to 165, 157 ounces, when compared to the same period in 2010, the Guyana Geology and Mines Commission (GGMC) has disclosed.
Production for the first half of 2010 was 142,213 ounces.
GGMC also noted that gold production at the end of June 2011 is 3.8 percent over the amount of 159,600 ounces targeted for this period.
The record price of gold on the world market at US $1625 per ounce yesterday should give added impetus to the production of the precious metal locally.
Diamond production tells a different story.
Production of diamonds for the first half of the year achieved only 78.73 % of the target.
Figures for declared diamond production for the first half of 2011 is 23,620 tonnes metric carats as against the 30,000 tonnes metric carats targeted.
There was a decline this year of 34 percent against the declared 35,375 tonnes metric carats produced for the first half of 2010.
Officials have said that the decreased declarations are due not so much to a drop in demand, but to a continuing reallocation of resources from diamond production to gold production, due to the current attractive prices for gold..
Other mineral production figures declared for the first half of 2011 included bauxite, which was 842,769 metric tonnes at June month end, a big jump from the 601,379 tonnes produced for the corresponding first half of last year.
Bauxite production was also 1.06 percent over the amount of 833,921 metric tonnes targeted for the first half of 2011.