GOVERNMENT has renewed the contract enabling small and medium-scale miners to receive concessions and other duty-free benefits, this time for an extended two-year period.

To mark this, a ceremony was held on Monday at the Ministry of Finance where a multi-party of Government agencies and mining associations sealed the arrangement.
Over the years, gold miners have received tax reduction on fuel and duty-free concessions on imported equipment through the agreement.

Representing the Government were Minister of Finance, Winston Jordan and Minister of Natural Resources, Raphael Trotman.
Attending Government officials included Commissioner General of the Guyana Revenue Authority (GRA), Godfrey Statia; acting Commissioner of the Geology and Mines Commission (GGMC), Newell Dennison; and Chief Executive Officer (CEO) of the Guyana Energy Agency (GEA), Dr Mahender Sharma.

On behalf of the extractive industry were: President of the Guyana Gold and Diamond Miners’ Association (GGDMA), Terrence Adams and President of the Guyana Women Miners’ Organisation (GWMO), Urica Primus.

Speaking briefly, Jordan said that the ceremony, though simple, is important as it bares testimony to the significance the Government places on the development of the gold industry.

Apart from the time extension, for the first time the signing includes the Guyana Women Miners Organisation (GWMO) and additional benefits have been incorporated
“This is a more elaborate and a more comprehensive agreement that, so far, contains a number of other features,” Jordan said, further elaborating:
“[Lowering of the] tributor’s tax, withholding tax on gold to the sliding scale, over a billion plus dollars has been put for roads and other tax measures that we would have had in place.”

The new agreement is made possible through the 2018 budget which was adjusted to include “a number of concessions and measures” following collaborative dialogue with the GWMO and GGDMA.

“We don’t do these things to get kudos, so to speak, we do it because it’s our duty, it is what comes after hard bargaining and negotiations,” Jordan explained, adding:
“I want to commend this approach to all other organizations that are representing their different constituency, that running to the press doesn’t solve anything. I think it aggravates parties on both sides…we will forever promote constructive dialogue.”

The goal for gold declarations this year is 800,000 ounces, a target which the minister says he hopes will materialize as the workers do their part to ensure declarations are rightfully done and to be compliant with the GRA.

“We have done our part, we have acceded to a number of your requests, we know you may have one or two outstanding, but these should not be now standing in the way of full steam ahead, full declarations,” he said.

Meanwhile, the GGDMA and GWMO presidents expressed their gratitude on behalf of their members for both the contract’s extension and its additional benefits.
This is the third signing of such an agreement, the first of which was signed in 2015.