Jun 29, 2011 News
Despite being adversely affected by heavy rainfall, gold production for the year is on target, this week surpassing 150,000 ounces and closing in on the half year target of 160,000 ounces.
Executive Director of the Guyana Gold and Diamond Miners Association (GGDMA), Edward Shields, said that small miners were hardest hit by the rains but the larger operations, the big dredges, managed to continue operations, to take the declared production in sight of the halfway mark yesterday.
“We are definitely on target for 320,000 ounces this year as set by the Guyana Geology and Mines Commission (GGMC) and we are encouraging members to go for the bigger target of 350,000 ounces,” he said.
Unprecedented high prices this year, at some periods over US$1,500 per ounce, have resulted in financial windfalls for miners in the sector.
Earlier this week, Consumer News in the United States predicted that the price of gold will continue rising to eventually reach US$5000 an ounce.
“There are very few large gold mines set to commence operation in the next five years,” investment firm Standard Chartered stated in a recent report.
“The limited new supply comes at a time when central banks have turned from being net sellers to significant net buyers of gold. The result, in our view, will be a gold market in deficit, even assuming flat growth in demand. With the supply-demand balance so out of kilter, we see the gold price potentially going to US$5,000/oz,” the investment firm stated.
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