Gold could rake in US$1 billion this year

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President of the GGDMA, Patrick Harding.
President of the GGDMA, Patrick Harding.

[www.inewsguyana.com]As of today, November 1, gold declaration stood at 438, 000 ounces, and with 2 months to go, the sector could well meet the record declaration aimed for.

Earlier in the year, the Guyana Gold and Diamond Miners Association (GGDMA), had set a target of 461, 000 tonnes, but there is increased optimism that declarations could peak at more than 500, 000 ounces.

Today, President of the GGDMA, Patrick Harding, said that the contribution of gold mining to the national economy cannot be under-estimated, saying that revenues from gold far outweighs what is coming in from other sectors.

“The mining industry including bauxite will give the government foreign exchange of about US$1 billion,” Harding said.

Harding acknowledged that mining has resulted in the destruction of the forest, but indicated it was a necessary sacrifice and that miners urged to comply with regulations.

“Yes we are concerned with deforestation and yes we will work with all parties to ensure that the mining industry does its bit in deforestation and in looking at the environment,” Harding told a news conference.

The Guyana Geology and Mines Commission, GGMC, which regulates the sector, indicated that a lot of work is ongoing to improve the image of the industry, often accused of bulldozing trees and polluting the water ways, among other concerns.

Mr Rickford Viera, the acting Commissioner at GGMC said more amined-out areas are being replanted the use of mercury is being phased out. Revenues brought in from the export of gold last year topped US$716 million. The sector employs tens of thousands of Guyanese.

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