Gold declarations at 145,000 ozs for first quarter

Natural Resources Minister Raphael Trotman yesterday reported that gold declarations for the first quarter of the year stood at 145,000 ounces.

The goal for this year is 800,000 ounces, which Trotman has called “a lofty target.” “I am confident that we are going to surpass or come within striking distance of it. That will be a record that was never achieved before,” Trotman said yesterday, while addressing a community meeting at Matthews Ridge, in Region One (Barima/Waini).

The Guyana Gold Board recorded total gold declarations of 652,000 ounces for 2017, which was below the target of 720,000 ounces and the 2016 record of 713,000 ounces.Trotman yesterday also announced a declaration of a total of 13,000 metric carats of diamond as well as production of 62,000 tonnes of stone, and 224,000 tonnes of sand for the first quarter.

Additionally, 229,000 tonnes of bauxite were declared for the first quarter. Trotman noted that Russian company Rusal has had some difficulties because of US sanctions placed on it, “We are working to see how we can overcome that,” he said.

Timber production was about 200,000 cubic metres for the first quarter, which is an improvement on 2017, Trotman added. “Log production is also increasing and so is the total primary lumber. To date, we have earned over US$10 million in revenues,” he noted.

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