Small, medium-sized miners rake in US $ 808M in export earnings – GGDMA
Kaieteur News – Guyana’s small and medium-scale miners have accounted for more than 80% of the country’s gold production for 2020, accumulating approximately US $ 808,587,118 in export earnings.
In a congratulatory statement the Guyana Gold and Diamond Miners Association (GGDMA) outlined that small and medium-scale miners have achieved 485,552 ounces of gold for 2020.
This is seen as a significant increase compared to US $ 619,988,745 in 2019.
“This production accounts for more than 80% of the country’s total gold production and performs the production of the two large-scale foreign mining companies in Guyana. 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 tax, ”the GGDMA added.
As it deals with large-scale miners, GGDMA revealed that it had achieved 99,882 ounces production.
Further, the Association noted that despite the differences between the large-scale and the small and medium-scale miners, the small and medium-scale miners have maintained their commitment to the production target and will continue to perform.
The Association therefore highlighted their continued efforts to lobby for governance to implement additional reliefs and tax relief for 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 the small and medium-scale miners will once again respond to the challenges,” the statement concluded. r collection.