GUYANA’S mining sector and the interventions needed to move the sector forward were the focus of a meeting on Tuesday between Minister of Natural Resources and the Environment, Mr. Robert Persaud and other ministry officials, and the executive of the Guyana Gold and Diamond Miners Association (GGDMA).The meeting focused specifically on what both parties viewed as measures needed to ensure the sector’s viability into 2015 and beyond.

Minister Persaud informed the mining body’s executive that a requested 10% reduction in tax for diesel fuel imported for the sector was approved, and that the necessary measures were being put in place with relevant agencies such as the Guyana Revenue Authority (GRA). This announcement was welcomed by the GGDMA, which cited the cost of fuel as the largest expenditure for miners, often around 40 % of production cost.
A licence has also been granted to GGDMA to import fuel for use within the sector, and certain modalities are in train to realise this. There was also a proposal to examine the granting of duty-free concessions to miners whose operations exceeded a certain level of production, and this too has been approved.
The move towards mercury-free mining practices is being examined. Whilst welcomed by the GGDMA, a decision is still to be made as to the exact type of technology that would be employed in the sector. The ministry and the mining body are actively examining proposals to ascertain which methods are best suited to local mining operators.
In closing, both entities vowed to continue working closely to ensure that the sector’s ability to contribute to the local economy is sustained and proposed initiatives implemented.
With approximately 388,000 ounces of gold declared in 2014, some 19% below the set target, it is anticipated that volatile gold and diamond prices would start increasing as this year’s production efforts begin. (GINA)