LOCAL small- and medium-scale miners have been adjusting well to the reduced and fluctuating prices of gold, declaring 353,000 ounces of production for the year to date September 24, compared to 313,000 ounces for the corresponding period last year.
This year’s production figure represents an almost 13% increase in production over the corresponding period last year.

The target production for the 2013 is fixed at 400,000 ounces, meaning that production of 121,158 ounces of gold must occur in the last three months of 2013.
Minister of Natural Resources and Environment (MNRE), Robert Persaud, said the miners’ efforts, taken in terms of reduction of costs and adjusting in other areas to the fluctuating prices, were noteworthy and highly commendable.
He said that the MNRE Ministry continues to engage with miners because of the importance of gold in terms of employment and contribution to foreign exchange earnings. “We have been paying close attention to that, because we need to ensure that we take into account the unstable nature of prices, and we have to plan our businesses; we are working closely with the Guyana Gold and Diamond Miners Association (GGDMA) to ensure that we are adequately prepared for any sudden drops.”
Gold prices hit a low of US$1226 an ounce last June, but are currently trading in the vicinity of US$1300 per ounce.
Minister Persaud disclosed that the Guyana Gold Board (GGMC) is looking for new markets in China and India at both the governmental and private sector level. “We are looking at tapping into the growing demands of the Indian as well as the Chinese markets to widen the market and get premium prices,” the minister said.