Lower production, not hoarding main cause of 20% decline in gold declaration

– industry insiders

Industry insiders have rebuffed government’s position that miners are hoarding gold, saying instead that a drop in production is one of the major factors responsible for the 20% decline in gold declarations for this year which has seen Guyana losing $20 billion in foreign exchange earnings.

“There is a crisis in the industry which started since last year,” Guyana Gold and Diamond Miners Association (GGDMA) consultant Edward Shields told Stabroek News, citing the drop in gold prices. “I am aware of many people who closed their operation,” he said adding that some closed their operations voluntary while others were forced to do so. Shields, along with several other industry insiders, said the drop in gold declarations could be as a result of a number of factors with a drop in production being a major one.

Gold declarations for the first five months of the year have dropped 20% compared to the same  …..To continue reading, login or subscribe now.

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