Guyana expects record gold production

The Guyana Gold and Diamond Miners Association (GGDMA) says it is projecting a gold production target of 500,000 ounces for 2013.

At the start of Mining Week, Guyana's Natural Resources and the Environment Minister presented a report indicating that gold declared for the first half of this year increased by 23.2 per cent over last year.

Gold maintained its reputation as the biggest producer in the mining sector for last year, with a production value in excess of GUY$137 billion, and accounted for 78 per cent of total value of mining output.

But in the wake of the recent fall in gold prices below the price of GUY$1,300 an ounce, the GGDMA is urging local miners to focus on cost reductions and efficiency gains.

The association is also urging the government to provide more support through concessions and other measures.

Meetings in that regard were held last week from which the GGDMA is "hoping for good results," said Vice-President Charles Da Silva.

This year, the miners are hoping to top production of 500,000 ounces of gold, "which has never been achieved in Guyana in the history of gold," said Da Silva.

- CMC