Guyana’s 2019 gold declarations at 634,000 ozs

– surpasses 2018 target

– Foreign revenue simultaneously increased US 11.81%

The Ministry of Natural Resources (MNR) is pleased to announce another record-breaking year of gold declarations for 2019, which has been declared at 634,905 ounces.

The actual declaration for the year totals 634,905 ounces and amount to 18,682 ounces above what was declared in 2018 (616,223). Of the declarants, Guyana Goldfields and Troy Resources stand as two large scale investors which, despite severe challenges and constraints, managed to have reasonably good production. Correspondingly, Licensed Gold Dealers who purchase from small and medium scale gold miners, contributed approximately 57.69% of actual declarations.

It is important to also note that the revenue earned by the Guyana Gold Board, on behalf of the Government of Guyana, has also increased. For 2019, this has amounted to US$ 111,971,234.84, equivalent to 79,702.849 ounces. This exceeds the revenue earned in 2018 (US$ 100,143,596.40) by US$11,827,638.44 (11.81%).

The Ministry commends the miners who made declarations despite the many challenges and constraints faced in the industry, not least amongst which, are a prolonged wet season and labour unrest, and is pleased that the country has surpassed the declarations of 2018.

The MNR also acknowledges the efforts and responsible conduct of the declarants and praises the Board of Directors and staff of the Guyana Gold Board who have been key facilitators of this process. As the year 2020 progresses, it is hoped that the practice of increasing these declarations continues through the recommended and accepted processes.

The Ministry recognizes mining as a critical component of the Guyanese economy. As such, the Government of Guyana, and the MNR in particular, continues to promote the growth of the sector in the most sustainable way by providing regulatory, fiscal and infrastructural support to aid miners in their worthwhile endeavours.