Unavailability of foreign currency hurting Mining Industry – GGDMA


Gold-extraction[www.inewsguyana.com] – The Guyana Gold and Diamond Miners Association (GGDMA) have registered its concern over the unavailability of a foreign currency payment facility for miners.

The association today noted with deep concern the rise of the cost of the US dollar to approximately $212 for one United States dollar. In this regard the body restated its call for the Guyana Gold Board to make partial payments in foreign currency available to miners.

The GGDMA it is also concerned by the stalemate and subsequent consequences over the delay in passing of the anti-money laundering bill.

President of the GGDMA, Patrick Harding said “several members called today to express concern over the consequences of Guyana defaulting on the anti-money laundering bill and the apparent sloth of the government to consider their request for foreign currency payments.”

The GGDMA in a statement also said “many miners depend heavily on foreign currency to import parts, machinery and raw materials used in the extraction of mineral resources and are worried that an apparent drought of currency will stall development of their mining operations.”

The Association, in a recent meeting with President Donald Ramotar, repeated its call for the availability of foreign currency among several other issues.

In this regard The GGDMA once again called for an urgent decision on the outstanding issues. “While we are committed to reaching a national target of over 460,000 ounces we cannot do this without the resources and these include essential machinery and spares that are bought overseas with foreign currency” Harding said.Harding

He also noted that despite the drop in the price of gold on the world market miners have remained steadfast in their production and their commitment to achieving the record declaration of gold for the year 2013.




This site uses Akismet to reduce spam. Learn how your comment data is processed.