GOLD declaration for 2016 has reached a record high of 705,000 ounces as at the close of business on Friday.When contacted, Minister within the Ministry of Natural Resources and the Environment (MNRE), Simona Broomes, confirmed the historic declaration and dubbed 2016 “a good year”. She told Guyana Chronicle that the increase in gold declaration is a manifestation of the true potential of the industry, and is the collaborative efforts of miners and the MNRE.

“I want to thank the miners for their hard work… It is as a result of their hard work that we have been able to witness a historic milestone,” Minister Broomes said as she hailed the industry.

She explained that for years it has been said that gold is yet to reach its true potential, and she believes that 2016 will set the stage for greater things to come for the mining sector.

“2016 has been a good year for the sector, and I expect that, with this historic declaration, in years to come, even more gold will be declared at the Guyana Gold Board,” the minister stated.

She reminded that the industry has helped to keep the country afloat while other industries experienced challenging times, and declared that the country must be grateful to miners.

Declaring that Government is looking forward to all miners producing and declaring high numbers in 2017, Natural Resources Minister Raphael Trotman has pledged to continue supporting the industry.

The minister explained at a year-end press conference that, in 2016, the Ministry of Finance had projected a gold declaration target of 550,000 ounces, an increase of 21.8 per cent over the previous year’s target; but
the MNRE, the Guyana Geology and Mines Commission (GGMC) and the Guyana Gold Board (GGB) privately worked towards a higher target of 650,000 ounces.

“As announced in the National Assembly recently, we surpassed that target. Today, I am ecstatic to announce that declarations stand at an unprecedented and whopping 690,000 ounces — the highest gold declaration figure in any calendar year in the history of gold mining in Guyana,” Minister Trotman declared.

He praised small and medium scale miners, who he said delivered the majority of the gold, along with the Guyana Goldfields and Troy Resources, which contributed 70 per cent of the gold declared, the Government Information Agency (GINA) reported.

Minister Trotman recalled that when the Coalition Administration took office in 2015, it recognised that some changes were needed in the regulation and management of the industry, especially since the GGB had for years had a deficit of more than $9B.

“This demanded a comprehensive review of the 35-year-old organization; which, upon completion, informed us that the Board has to transition into the role of regulator and diminish its role as a purchaser of gold,” Minister Trotman said.

The MNRE will therefore shortly be meeting with miners, miners associations, and gold dealers to define the way forward. Minister Trotman emphasised that the MNRE has fought tirelessly for the continued existence of the GGB, since that ministry believes there is merit in having the organisation function as a regulator, to monitor gold dealers.

The minister commended miners for their performance thus far, and noted that the Government will continue to explore best practices to enhance the GGB, GINA has reported.