Gold declarations for 2014 dropped by almost 20% compared to the previous year, ending at 387,508 ounces as against 481,087 ounces declared for 2013 and miners say that more of the fiscal benefits enjoyed by large-scale licencees should be extended to smaller operators to ensure the health of the sector.
“It is the view of the GGDMA that key mining policy changes are needed to allocate more of the fiscal benefits currently enjoyed by large scale licencees to small and medium scale producers as well. These strategic changes need to be made immediately to close the gap between the generous fiscal incentives awarded to large scale licencees and the limited incentives allowed for Guyana’s small and medium scale producers,” the Guyana Gold and Diamond Miners Association (GGDMA) said in a statement.
“Without those benefits local gold production would continue to decrease and the large scale licencees would be unable to make up the slack,” it added. The GGDMA said that it is aware that short-term strategic change to the fiscal regime for mining is not new to Guyana since large scale bauxite operations currently benefit from
