Tue | Dec 18, 2018

Guyana gold earnings spike

Published:Wednesday | October 11, 2017 | 12:00 AM
David Granger, president of Guyana.

Guyana says it is on track to achieve record gold production for this year, having mined 475,202 ounces of the commodity up to September.

The Ministry of Natural Resources said in a statement that total export earnings from gold has risen to US$603.98 million compared with US$575.87 million earned in the same nine-month period last year.

Guyana mined 713,000 ounces of gold last year and the natural resources ministry is predicting that output in 2017 will exceed that, based on the output to date and the customary performance of the fourth quarter when production traditionally increases.

Further, recent declarations of enhanced production by Guyana Goldfields Inc reinforce the view that economic stability and world market prices are driving higher production, the ministry added.

For the gold mined to September, 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.

"We continue to implore all miners to declare their gold to the Guyana Gold Board or to licensed gold dealers," said the Ministry of Natural Resources. "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."