Gold production boom helps Guyana economy
The ministry said the economy of Guyana is projected to grow by more than five per cent this year due to a boost in production of gold, rice and bauxite.
A boom in gold production along with rice and bauxite could boost Latin American nation Guyana’s economy by more than 5 percent, according to finance ministry.
The ministry said the economy of Guyana is projected to grow by more than five per cent this year due to a boost in production of gold, rice and bauxite.
Gold production in particular is projected to grow nearly three per cent and rice production about four per cent and bauxite production is expected grow by nearly seven per cent, ministry added.
Last year, Guyana recorded historical levels of gold production by Small and Medium Scale producers, surpassing 416,000 ounces, resulting from increased interest in the gold mining sector as the high international price for gold remains relatively stable.
For the second consecutive year, the gold produced by Small and Medium Scale operators exceeded the highest annual production of 354,000 ounces by Omai Gold Mines Ltd.
Analysts however said with this level of gold production, Guyana has continued to maintain a low deforestation rate.
Meanwhile Guyana's Natural Resources and the Environment ministry said along with Guyana Geology and Mines Commission it will continue to work closely with the Guyana Gold and Diamond Miners Association and other relevant stakeholders to increase gold production by promoting improved technology while eliminating the use of mercury in gold recovery.
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