Latest update April 24th, 2024 12:59 AM
Dec 31, 2013 News
Gold dealers are gearing for a huge rush today as miners move to sell the shiny metal.
But it is unlikely that a 500,000 ounces target set by the miners themselves will be met.
According to the Minister of Natural Resources, Robert Persaud, yesterday’s declarations stood at an imposing 467,894 ounces, the highest ever on records.
“Of course, we are happy with this development. Like I said before, this is evidence of the achievements of small and medium scale miners.”
The last time that Guyana even reached that level was back in 2001, when large-scale operator, Omai Gold Mines, was in operation. That company is gone leaving small and medium scale miners in operation.
In 2011, with gold prices climbing on the world markets as traders banked on the metal amidst the global financial crisis, declaration was just about 363,083 ounces. This jumped in 2012, increasing to 438,645 ounces as miners invested heavily in equipment, trying to cash in.
As of December 16th, the Ministry announced the good news that declarations have been the highest ever on record at 458,105 ounces.
The declaration would come even as prices plunged from the US$1,900 per ounce to US$1,200 this week, worrying miners.
The mining sector has been the biggest foreign currency contributor for the past two years, surpassing big earners of rice and sugar.
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