El Dorado Trading sets record straight over illegal Venezuela gold claims


See full statement from El Dorado Trading:

El Dorado Trading sets record straight.

El Dorado Trading is among Guyana’s largest gold dealers for several years and must offer some clarifications to a deeply worrying report in the Stabroek News of December 31st, 2020 titled “El Dorado Trading denies illegal Venezuela gold link-Canadian Mint suspends processing its metal over allegation”.

We insist that our operations meet the highest of verifiable standards in what is one of the most regulated of sectors in Guyana.

As a result of strategic planning and capitalizing on the opportunities, El Dorado Trading has been in existence for over two decades. We contribute annually to the Consolidated Funds of Guyana through the payment of Royalties and Taxes in sums amounting to billions of Guyana dollars.

El Dorado Trading has established one of the most modern and robust compliance regimes under the Anti-Money Laundering and Countering the Financing of Terrorism (AML-CFT) regulations. Without any notification of the letter referenced in the Stabroek News article, on 28th September, 2020, El Dorado Trading engaged a world recognized auditor, approved and accepted by the London Bullion Market Association (LBMA) list of Auditors, BDO (Binder Dijker Otte) International to audit our supply chain and compliance regime dating back to year 2018 and authorized BDO to share with our international business associates all information necessary in keeping with the Precious Metals Industry best practices supervised by the LBMA. These reports are available to the competent authorities for perusal.

El Dorado Trading has at all times accommodated our Supervisory Authority (The Guyana Gold Board) to conduct site visits to all of locations, the most recent being 28th day August 2020.

We have built a loyal base that has been increasing steadily. Over the past two (2) years gold prices has consistently increased which yield an influx of entrepreneurs entering the sector, spurring more declarations to the Guyana Gold Board. It is a fact that the regulated operations of El Dorado and the entire mining sector in Guyana predate Venezuela’s economic situation.

We have been able to build a solid, verifiable operations, that meets Internationally recognized standards. In the past we have been declared as the dealer with the most annual declarations, a feat we are extremely proud of thanks to our hardworking staffers and our biggest stakeholders, the mining community. In consideration of our compliance system, El Dorado Trading is hopeful that this matter will be resolved very quickly as it involves the lives of thousands of our local Guyanese.

We have confidence in the independence and competence of the Guyana Gold Board. It is obvious that the author of the article “El Dorado Trading denies illegal Venezuela gold link” does not have the necessary facts in hand. This past year, despite the pandemic, has seen Guyana’s continued rise. It has been tough but we have weathered it. The year 2021 promises bigger things for Guyana. El Dorado Trading will continue to play its role.