Guyana Looking To Asia To Boost Gold Sales

GEORGETOWN, Guyana CMC – Guyana is seeking to export gold to markets in India and China as the country recorded an estimated 353,000 ounces of the commodity so far this year.

Natural Resources and Environment Minister, Robert Persaud, said that the gold produced so far this year, compares favourably with the 313,000 ounces produced for the same period last year.

According to this year’s mid-year report, gold declarations increased by 26.8 percent to 234,498 ounces and export earnings amounted to US$300.8 million, an increase of 12.2 percent over the corresponding period in 2012.

Persaud said that fluctuating prices for the mineral continued to be monitored closely with the commodity now being sold at US $1300 per ounce.

He said his ministry is working closely with the various stakeholders, including the Guyana Gold and Diamond Miners’ Association in a bid to minimize any fallout from the volatile prices.

Gold remains important to the local economy with the industry creating significant number of jobs and is a major foreign exchange earner.

Persaud said that gold is exported to places such as Dubai and the United States, but now the plans are to sell the commodity in growing markets such as India and China.

Meanwhile, Persaud also announced that two large oil companies, Anadarko and Esso, both of which have concessions, are now actively engaged in exploration activities offshore Guyana.

He said the activities of one of those companies is far advanced to the point where it is about to make a decision on mobilizing a rig to commence drilling.

He said several other companies were also carrying out similar studies, while another company is set to commence seismic studies within a couple of days.

“So at any one time we will have three or four of those companies carrying out various forms of exploration work, all in our quest to tap into and realize the hydro-carbon potential of our offshore areas,” he added.