ADMINISTRATIVE Coordinator of the Guyana Gold and Diamond Miner’s Association (GGDMA), Colin Sparman, said that gold production in Guyana has already exceeded its target for this year. Speaking to the Guyana Chronicle, he noted that while the state of affairs in Linden poses some difficulties with regard to the ability to transport supplies to the miners in some areas, the situation is under control.
Persons protesting the hike in electricity tariffs in Linden blocked access to the Kara Kara and Wismar/ Mackenzie bridges which are used to gain access to various mining areas. Sparman said that mining areas such as Kurupukari and Mabura are receiving supplies through the Bartica to Mahdia trail. He noted that mining areas such as Region 1 (Barima/Waini) in the North West District, Region 7 (Cuyuni/Mazaruni) and Region 8 (Potaro/Siparuni) are on track with regard to the achievement of the target for gold production this year.
According to the Guyana Geology and Mine’s Commission mining supplement 2012, gold was the main contributor to mineral production value in the first quarter of this year, at 74%, and the declared production of gold exceeded the budget by 11%.
Gold declaration in Guyana for the first quarter of 2011 was 77, 909 ounces, while the declaration for the first quarter in 2012 was 88,873; representing a 14% increase. The value of production of gold in the first quarter of this year was $27.1 billion, a 31.4 % increase over 2011. Gold price started the quarter at US$1,598 per ounce and closed at US$1,662 per ounce, averaging US$1,690.6 per ounce, representing a cumulative increase of 22.5% relative to the first quarter of 2011.
According to the World Gold Council, the global gold demand in the first quarter of this year was 1,096.5 tonnes, down 5% from the high levels seen in first quarter 2011 (1,150.7 tonnes), due to the high price for gold.