Gold Board saw 6.22% decrease in declarations last year

—2019 projection pegged at 651,000 ozs

Despite the Guyana Gold Board (GGB) recording a 6.22% decrease in declarations last year, after 613,073 ounces of gold were declared at the end of December 2018, the company has projected an output of 651,000 oz. in 2019.

The pronouncements were made by the GGB yesterday, through a press release which pointed out that on behalf of dealers and the Gold Board itself, the declarations amounted to US$443,961,666.

“Among the factors responsible for the marginal differences between the 2017 and 2018 figures, as advanced by mining bodies and dealers are: inclement weather, unnavigable roads, and depressed metal prices in the first three quarters of 2018,” the statement said, while adding that declarations from dealers showed “some strength” in the latter part of the year.

As a result, declarations and exportation for this year are projected to be at 651,000 oz., and the statement said that the GGB believes that the numbers are feasible and achievable once there is a convergence of positive contributory components.

The statement also highlighted the Board’s plans for this year, which include: managing and enhancing existing emissions control mechanisms; searching for and obtaining a new and permanent headquarters; prioritising and fulfilling CFATF and NRA AML/CFT standards; embarking on pending capital projects; reducing deficits at the Bank of Guyana (BOG) and the Ministry of Finance; and continuing the training of staff on professional standards, values and ethics.

It added that most, if not all, of their planned goals for 2019 revolve around the presence of a new headquarters at the earliest opportunity.

The statement also noted that Minister of Natural Resources Raphael Trotman, along with the board and management of the GGB, wanted to express their appreciation to licensed dealers Mohamed’s Enterprise and El Dorado Trading, which finished first and second place respectively in total declarations and exportation of gold.

Pure Diamond, Dinar, Excel, Adamantium Metals, GBTI Property Holdings Inc. and Gold Bar Development also contributed to the sector.

“All circumstances considered, it was a trying year for the [GGB]. It stayed faithful to its legal mandate to buy gold, to process exports and to implement and enforce tougher regulatory standards and requirements. This was achieved through a mercury-related health and safety development; ongoing media scrutiny; environmental interest; customer inconvenience and staff concerns. On separate occasions, two highly qualified teams from PAHO visited the old and current GGB operations complexes, conducted exhaustive tests, and reported in writing that emissions were well within internationally recognised safety limits,” the statement added.

It further noted that the results from the PAHO tests were comforting and the management has since moved in the direction of obtaining the required equipment and implementing measures and enforcing the recommendations that were made by the team, which the statement said, shows

the high priority that the GGB places on the health and safety of customers, staff and the general public.

“At this point, the GGB publicly thanks Mr. Sergio Matos and the staff of Pure Diamond Inc., a licensed dealer, for the helping hand and courtesies extended during a difficult time. In addition, the staff of the GGB performed admirably during very challenging times and circumstances,” the statement said.