Gold processing fee of $2,500 per oz to be charged

Following negotiations with the miners association, the Guyana Gold Board (GGB) will be charging a processing fee of $2,500 per ounce for gold sold to it by miners effective September 1, 2017.

The negotiations with the Guyana Gold and Diamond Miners Association (GGDMA) followed a notice from the GGB which had fixed the fee at $4,000 per ounce.

This had elicited dissent from the miners.

A statement yesterday from the Ministry of Natural Resources said that after two rounds of consultations with the GGDMA, which also involved representatives of the Ministry of Natural Resources and members of the Board of Directors of the GGB, it was agreed that a processing fee of $2,500 per ounce would be charged on all gold sold to the GGB, effective September 1, 2017. The fee will not be charged by the licensed gold dealers.

The processing fee will enable the GGB to embark upon a structured and targeted programme to better manage some of its present and future annual operating expenses, the statement said.

The statement said that Trotman thanked the executives of the GGDMA for its “responsible partnering in addressing this thorny longstanding issue. The minister also shared that currently all areas of GGB operations are under review with a view to enhancements and greater financial prudence”.

The statement added that Chairman of the GGB, GHK Lall, speaking for the directors of the GGB, thanked the minister for his timely intervention. He also applauded the executives of the GGDMA for their understanding of the situation.