— to surpass 700,000-ounce

GOLD production this year is on track to surpass the 700,000-ounce target set by the authorities.
According to a Natural Resources Ministry release, 367,861 ounces of gold was declared as at July 31, 2017.
The ministry and the Guyana Gold Board (GGB) are confident of meeting the 700,000-ounce target set by Finance Minister Winston Jordan in the 2017 National Budget, the release stated. The target set for 2016 was 600,000 ounces.

It was noted that this year’s half-yearly declaration figure is a marginal 1.96 per cent lower than that of 2016, when the figure as at July 31, 2016, had stood at 375,202 ounces.
“These figures have established that the measures implemented by government to ensure both production and declarations of gold are bearing fruit,” the release said.
In addition, it was noted that total exports as at July 31, 2017, jumped 3.70 per cent at 377,211 ounces. The figure eclipses the 365,749 ounces at July 31, 2016.

This resulted in export earnings of US$453,210,639 as against US$442,122,180 at the same period in 2016, representing an increase of 4.19 per cent.
Natural Resources Minister Raphael Trotman, together with the GGB, congratulated miners, large and small, for all their efforts in spite of the challenges.
“We continue to stress on miners to sell their gold to the GGB or to approved and licensed gold dealers, so that together we could achieve and surpass the target set this year for the industry.”

Gold declaration for 2016 had peaked at 705,000 ounces as at the close of business on the last Friday in December that year.
Minister within the Ministry of Natural Resources, Simona Broomes, told the Guyana Chronicle at the time that the increase in gold declarations was a manifestation of the true potential of the industry, and reflects the collaborative efforts of miners and the MNR.
She explained that for years it has been said that gold is yet to reach its true potential and expressed the belief that 2016 had set the stage for greater things to come for the mining sector.

Minister Trotman at an end-of-year press briefing in 2016 praised small and medium-scale miners, whom 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.
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.
The minister commended miners for their performance and noted that the government will continue to explore best practices to enhance the GGB.