THE proposed increase in processing fees to $4,000 per ounce of gold has been withdrawn by the Guyana Gold Board (GGB).
This decision was taken following a meeting with officials of the Guyana Gold and Diamond

Miners Association (GGDMA) on Tuesday, said General Manager of the Association, Avalon Jagnandan.
A recent notice from the Gold Board stated, for all Miners/Dealers selling gold to the Guyana Gold Board, a processing fee of G$4,000 per ounce will be charged on every transaction. “This comes into effect July 1, 2017,” stated the notice.

“The association is not in agreement with such an increase…It was confirmed during our meeting with the Gold Board that the proposed increase has been withdrawn,” he said.
Processing fees are currently at $1,000 per ounce of gold and the Guyana Chronicle was further told that an increase would be “burdensome” to miners.
Although the industry is performing well, Jagnandan lamented the struggle that miners face on a daily basis. He pointed out that an example of their struggle is the high operational and transportation costs they suffer because of the deplorable roads. “We are not against an increase, but we are hoping that the increase would not be $4,000, because it would be a further burden on small and medium-scale miners,” he said.

The GGB is expected to meet with the Minister of Natural Resources Raphael Trotman to further consult on the issue. Finance Manager of theGGB, Eondrene Thompson, reportedly said the increase is necessary to keep the Gold Board afloat. A Stabroek News article on Tuesday June 27 stated that the notice was however only “an alert,” as the board is still to decide whether it is going to take effect. Thompson nevertheless said there was need for the fees to be adjusted in order to generate more income for the Gold Board.