Latest update August 31st, 2024 12:59 AM
Jul 28, 2016 News
Minister of Natural Resources and the Environment, Raphael Trotman, when he appeared before the Parliamentary Sub-Committee on Natural Resources, told committee members that gold declarations for this year, are likely to spike beyond 600,000 ounces –some 50,000 ounces beyond Government’s predictions.
Trotman said, yesterday, that as of June 30, Guyana has seen a declaration of 327,000 ounces of gold which is ‘far’ in excess of what had been estimated for this period.
Minister of Finance, Winston Jordan, he said, had projected for the budget – 550,000 ounces for this year. Trotman added that at the end of the year, a more comprehensive report will be submitted.
Last year, the Guyana Gold Board recorded 451,490 ounces which surpassed 2014 target of 380,000 ounces.
He continued that this increase indicates that persons are developing more confidence in the system; the measures that are being put in place to curb smuggling are bearing fruit; and most importantly, there is an increase in production.
He continued that Aurora Gold Mines, as of June 2016, produced 75,000 ounces of gold which puts in on projection to produce 150,000 ounces for the year.
Trotman went on to tell Committee Members, that since Britain’s referendum to exit from European Union (Brexit) the price of gold was trading at just over US$1200 an ounce, but after Brexit, the price for gold per ounce had increased and is floating above US$1300 an ounce.
As it relates to diamond, the Minister said that the Country is doing “relatively well”. Production thus far stands at 61,552 carats.
Trotman also revealed that thus far, the two bauxite giants, Bosai and the Bauxite Company of Guyana Incorporated (BGGI), have chalked up 762,000 tonnes of bauxite with the latter producing 73 percent of this amount.
“For bauxite, as you know we have two main companies and the country is observing 100 years of bauxite. We will be putting together a team to review the bauxite sector…not an investigation.”
The team comprising experts will soon meet with members of the committee later in the year.
Trotman stated that because of the decline in overall construction in the country, there has been no spike in quarry stone however, “We are 3.5 percent higher than we were during this same time last year, and we have produced to date 226,000 metric tonnes of stone.”
Sand has seen a 15.8 percent improvement from the corresponding period last year, he added.
Mineral and oil rich country borrowing to feed, clothe and house its citizens.
Aug 31, 2024
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