GEORGETOWN, Guyana (CMC) – Guyana says it is on target to achieve its target of 700,000 ounces of gold this year after declaring that more than 360,000 ounces and export earning of just over US$450 million was reached during the first six months of this year.
Official figures released here show that as of July 31, this year, a total of 367,861 ounces had been declared.
Last year, total gold target had been set at 600,000 ounces.
The Ministry of Natural Resources and the Guyana Gold Board (GGB) said this year's half yearly declaration figure is a marginal 1.96 per cent lower than 2016, when the figure then stood at 375,202 ounces.
“These figures have established that the measures implemented by government to ensure both production and declarations of gold are bearing fruit,” according to an official statement issued here.
It said that total exports as at July 31, 2017 jumped 3.70 per cent at 377,211 ounces compared to 365,749 ounces as at July 31, 2016, resulting in earnings of US$453.2 million as compared with US$442.1 million, an increase of 4.19 per cent.
“We continue to stress on miners to sell their gold to the GGB or to approved, licenced gold dealers so that together we could achieve and surpass the target set this year for the industry,” said Minister of Natural resources, Raphael Trotman.