The Guyanese government, in collaboration with private sector entities, is implementing a series of measures aimed at boosting gold and bauxite mining.
According to Minister of Natural Resources Vickram Bharrat, the government is confident that these interventions will lead to increased production in these crucial sectors.
In the 2023 budget report, a notable 11% reduction in gold production and declaration was observed.
Minister Bharrat acknowledged this decline, mentioning that gold production has been decreasing since 2016.
However, he expressed optimism about a potential increase this year, particularly with the allocation of 2 billion dollars dedicated to managing the gold sector.
The government has distributed approximately 100 claims within a property formerly controlled by Troy Resources, providing opportunities for Guyanese small miners.
Minister Bharrat highlighted collaborations with large-scale gold exploration companies operating in various regions across Guyana, anticipating a boost in production when these operations commence.
Aurora Gold Mining, the first company venturing into underground mining, has already initiated significant investments.
In addition to gold, the bauxite industry experienced a 20.4% reduction in the previous year.
Minister Bharrat pointed to strategic infrastructure and policy initiatives, including Bosai’s recent commissioning of a new kiln and their exploration of a new deposit known as the Kara Kara deposit, estimated to be over 3 million tons.
Despite the challenges faced in 2023, some sub-sectors within the extractive industry demonstrated substantial growth.
Mining and quarrying experienced a 42% increase, with sand extraction growing by 98%, and stone and manganese extraction increasing by 21%.
This signifies positive momentum in the extractive industries.
The government’s commitment to supporting and revitalizing these vital sectors is evident through these targeted measures, aiming for sustained growth and development.