Techemet which has been offering brokerage and trading services to the Guyana Gold Board (GGB) for approximately four years now last week paid a courtesy call on the agency as the latter continues to pursue measures to ensure compliance and enhance transparency.
A release yesterday from the GGB said that officials of Techemet Metals Trading and G4S International Logistics paid a courtesy call on the General Manager of the GGB Eondrene Thompson on October 23, 2018.
Representing Techemet were Brad Gillis, Credit and Risk Officer and Vice President Rishi Sawhney. G4S was represented by Yuri Masiuk, Operations Manager – Americas and Scott Volpe, Sales and Business Development Manager – Americas.
The release said that the visiting officials of the two entities spoke with Thompson about the GGB’s systems and measures with a view to assessing the local agency’s compliance levels to local and international best practices and standards. They also discussed some of the challenges that the Gold Board faces and how these are being addressed. Over the years, the Gold Board has faced issues over the timing of gold sales.
Following the meetings, the release said that the visitors were given a tour of the Guyana Gold Board’s burning room and smelting operations with a view of observing the systems and procedures as they relate to safety and security. The GGB has faced a host of issues this year over the safety of its gold burning operations and the possibility that unsafe levels of mercury were being released. It has since had several surveys done to assure the public of the safety of its operations.
Techemet began offering services to the GGB after Mitsui & Co Precious Metals exited the precious metals business. Based in Pasadena, Texas, USA, the release said that Techemet’s in-house metals trading department is able to quote ‘spot’ or ‘forward’ gold prices as well as settle on the London fix, which is the benchmark at which the Guyana Gold Board purchases gold.
With the help of Techemet, the release said that the GGB has the ability to hedge material in advance of delivery to minimize the risk with regards to market fluctuations. G4S International Logistics, the release added, is one of the world’s leading companies specializing in global security logistics of valuable commodities to banks, governments, mines, refineries, jewellers and fine arts institutions. They are responsible for the safe and secure shipping of Guyana’s gold to the Royal Canadian Mint.