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GUYANA | 163,000 ounces gold declared for first quarter

GEORGETOWN, Guyana, April 19, 2017 - Guyana's gold production  appears to be on target with its first quarter gold declaration said to be along projected lines to achieve record 700,000 ounces targeted for 2017.

Minister of Natural Resources Raphael Trotman, during a recent presentation in Lethem on the works of his ministry, revealed that 163,000 ounces of gold has been declared for the first quarter of 2017.

Minister Trotman said that the 2017 budget has set the target of 694,000 ounces of gold, but the ministry is aiming for 700,000 ounces.

Last year’s unprecedented declaration earned the country USD$730,915,229. The country recorded the highest gold declaration with 713, 000 ounces.

Small and medium-scale miners accounted for some 70 percent while Guyana Goldfields and Troy Resources, large gold mining operations, contributed the remainder.

The Guyana Gold Board recorded 451,490 ounces of gold in 2015, surpassing the 380,000 ounces target.

In the meantime, Minister  Trotman says more attention will be placed on the mining of rare earth minerals, particularly lithium in the coming year,

“We’re looking to do a survey to get a better sense of what exactly we have,” Minister Trotman told the Government Information Agency  recently.

Lithium 460Last year, a permit was given to a Canadian company for prospecting of lithium, Minister Trotman highlighted.

“That company has started doing some drilling and has seen signs of lithium. I believe they are now in the process of looking for financiers to go further,” the Minister further explained.

The Canadian based company, Guyana Strategic Metals (GSM) Incorporated is operating in Region Seven, Minister Trotman said.

GSM earlier this year signed an agreement with an Australian company, Greenpower Energy to acquire interests in the exploration.

In the coming months, Greenpower Energy is expected to carry out an airborne geophysical survey to focus on the follow-up work.

Lithium is said to be the lightest known metal and is commonly used to make rechargeable batteries such as those found in cell phones.

The metal was said to be discovered some five years ago in Guyana.

  • Countries: Guyana

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