Guyana gold sees increase in production
Guyana officials indicate that country is on course to record gold production for this year. The officials stated 475,202 ounces of the precious commodity had been declared at the end of September.
The Ministry of Natural Resources said that total export earnings as at September 29, stood at US $603,980,775 compared with US$575,869,243 for the same period last year.
700,000 ounces targeted
It said the target set for 2017 is 700,000 ounces of gold. The ministry is predicting that this estimate will be surpassed as a result of increased production and declarations in the last quarter of the year as is customary.
Furthermore, recent declarations of enhanced production by Guyana Goldfields Inc. reinforces the view that economic stability and world market prices are driving higher production, the ministry added.
The authorities said that small and medium scale miners produced 309,787 ounces while the two large mining operations Guyana Goldfields and Troy Resources produced 117,002 ounces and 48,412 respectively so far for the current year.
“We continue to implore all miners to declare their gold to the Guyana Gold Board or to licensed gold dealers. The Government of the Cooperative Republic of Guyana is committed to working with miners to ensure that their issues are addressed as together we work to surpass 2016’s record production of 713,000 ounces of gold,” the Ministry of Natural resources said in the statement.
