By Delicia Janneire, January 15, 2025
The Ministry of Natural Resources has reported a record rise in revenue from gold production, with the sector earning US$989.9 million in 2024.
Minister Vickram Bharrat attributed this success to a recovery from earlier challenges, which led to a significant rise in gold production and declarations.
This represents an increase of about US$181 million over the 2023 earnings.
Total gold production reached 434,067 ounces, up slightly from 432,113 ounces in 2023.
Minister Bharrat expressed optimism, noting that this is the first increase in production in nine years, reversing a trend of declining production since the peak year of 2016, when Aurora and Troy Resources began producing.
The return of small and medium-scale miners to the sector played a significant role in this growth.
Over the past three years, the Guyana Geology and Mines Commission (GGMC) provided over 1,000 mining lots to these miners, contributing to the overall increase in gold production.
Minister Bharrat also highlighted improvements in large-scale production, with companies achieving nearly a 95% recovery rate, an industry standard.
Efforts are underway to assist smaller miners, who have traditionally struggled with recovery rates of 40-45%, by providing support to enhance their efficiency.
To further boost production and eliminate illegal mining, the GGMC has been tasked with strengthening its monitoring systems.
The record earnings from gold production are seen as an encouraging sign for Guyana’s mining sector, providing a foundation for continued growth and development.
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