– GGDMA calls for tax relief for local industry
– El Dorado Trading’s best gold dealer for 2020
Small and medium-scale miners increased their production to 485,552 ounces of gold for the year 2020 – 75 per cent of the country’s total production. 584,291 ounces of gold were issued to the Guyana Gold Board in 2020.
The Guyana Gold and Diamond Miners Association (GGDMA) highlighted the contributions made by these stakeholders on Thursday, noting that it equates to US $ 808,587,118 in export earnings, compared to US $ 619 million earned in 2019. It was the achievement especially commendable, the organization said. , given the challenges posed by the COVID-19 pandemic.
“This production accounts for more than 75 of the country’s total gold production. The production figure, although slightly below 2019, is particularly significant and noteworthy, given that, in 2020, the mining industry faced serious challenges posed by the global pandemic, financial and infrastructure constraints, and a difficult tax regime, ”the Society shared.
The GGDMA requires that small and medium-scale miners have maintained their commitment to the production target, and continue to perform. The Association continues to lobby the Government for additional relief and tax relief for the local industry, to increase productivity and stimulate additional investment.
“The 2021 target for gold production has not yet been announced, but the GGDMA remains confident that, given the additional reliefs and tax support, our local miners will not only respond to ‘ challenge, but surpass them. ”
The Guyana Gold Board (GGB) had seen fewer gold releases for last year, compared to 2019, with preliminary figures showing a 7.97 percent decline in releases. General Manager Eondrene Thompson said the Guyana Times preliminary figures show that for 2020, 584,291 ounces of gold had been declared. However, he emphasized that these figures are not conclusive.
It was subsequently revealed that El Dorado Trading was the leading gold dealer for 2020.
Despite all the challenges posed by COVID-19, the company remains the country’s leading gold dealer, thus contributing millions in taxes and royalties to the Consolidated Fund.
In 2019, gold releases were 634,905 ounces. Thompson attributed this fall to the period of inactivity by the two largest gold producers. He noted that one of them, Troy Resources, had at one time suspended its operations following an accident.
However, Thompson told this publication that there is a positive outlook for 2021. According to her, more gold companies are in the process of entering the market, and this, along with the sector’s historical performance, is promising good for a better year.
“Yes, 2021 seems to be a brighter year than 2020, due to the fact that we have more dealers, potential sellers, coming in. We have not yet completed that. And we have shown an upward trend towards the end of the year. And I trust that this trajectory continues, ”he said.
While 2020 saw fewer gold releases compared to the previous year, it saw a number of gold discoveries. For example, Australian mining company Alicanto Minerals made its first-ever gold discovery in Guyana in November, just days after another mining company, Troy Resources, announced it had found gold deposits beneath the earth.