Early numbers indicate another record year of gold production for Guyana

Guyana states that it expects to have another record production of gold this year with production figures for the month already higher than the output from the same period last year. Guyana’s Natural Resources and the Environment Minister, Robert Persaud, said that he remained optimistic that the sector would continue to be economically viable, as he announced gold production for January this year was just over 28,000 ounces, eight per cent higher than output for January 2013.

Peraud went on to say, “Our goal is to ensure that we have the sector being very aware of its environmental and social responsibility, and at the same time, being very strong economically.”

Although gold output in 2013, in Guyana, reached a record production of over 481,000 ounces, the decline in prices on the global market meant that miners benefit much from the increased production. However, Persaud said there has there has been some level of recovery in terms of the prices so far this year. Furthermore, he also anticipates that there will be conditions which would allow for a more profitable mining sector that also includes diamond, bauxite and manganese.

Additionally, Persaud indicated that the overall goal was to ensure that the sector remains robust because it is a significant contributor to the country’s economic growth and development while acknowledging some shortcomings within the industry. Despite the shortcomings, he suggests, “There are short comings…but I think there is a collective way in resolving those shortcomings to make this sector work, and work well in the overall country’s interest.”

Source: Caribbean360