Govt’ reduces tax on fuel for Miners as gold prices climb

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Minister Persaud heads the meeting with GGDMA officials.
Minister Persaud heads the meeting with GGDMA officials.

[www.inewsguyana.com] – President of the Guyana Gold and Diamond Miners’ Association (GGDMA), Patrick Harding has expressed appreciation on behalf of all miners to the government for a 10% reduction in taxes for the purchase of fuel (diesel only) for use in the Mining Sector through the Guyana Gold and Diamond Miners Association Trading Inc.

Mr. Harding made this comment following a meeting on Tuesday, January 13 between Executives of the GGDMA and the Ministry of Natural Resources and the Environment along with the Guyana Geology and Mines Commission to discuss plans and initiatives for the mining sector.

He pointed out that the 10% waiver for the purchase of diesel stands good for the industry because 30%-35% of cost of production is fuel. He hopes that the drop in the world market price in fuel will also be passed on to miners and the public. According to Mr. Harding twelve to fifteen thousand persons directly involved in mining will benefit from the waiver.

iNews understands that the meeting updated Executive Members of the GGDMA on several developments which included hinterland infrastructure development and maintenance such as roads and bridges, waiver of tariffs on fuel importation, gold declaration/prices, and duty free waivers on spares and equipment for mining, among other issues.

Minister of Natural Resources and the Environment, Robert Persaud told the meeting that the Ministry supported the request for the waiver of tariffs and duties on equipment and spares and this was granted by the Government and implemented by the Guyana Revenue Authority.

This will reduce the cost of spares and critical supplies for miners and is an addition to the items that are currently imported duty free, such as pumps, and matting, said Minister Persaud.

Persaud remains optimistic that the world market price for gold will continue to climb which will benefit all miners and Guyana as a whole.

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