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Gold statement falls in first quarter of 2024 – Bank of Guyana
Guyana’s gold consumption statement over the years
Kaieteur News – The Bank of Guyana (BoG) has reported that the country’s gold declarations decreased in the first three months of 2024.
According to the central bank, gold declarations fell to 89,845.8 troy ounces compared to the same period last year. The central bank said the decline in gold declarations was mainly due to a 24.2% drop in declarations from small and medium-sized miners. The central bank explained that the decline in declarations was due to the limited water supply in many mining areas due to prolonged dry weather.
Notably, the only major operator, Aurora Gold Mine Inc. (AGM), owned by Zijin Mining Group, reported a 5.2% increase in filings, helped by continued good performance in its underground mining operations.
In Guyana’s gold sector, there has been a noticeable drop in declarations over the past few years. Kaieteur News According to the Guyana Gold Board’s annual report, gold declarations fell by about 209,000 troy ounces from 2019 to 2023. Guyana’s gold declarations have fallen by about 209,000 troy ounces over the past five years, and Vice President Bharrat Jagdeo has expressed the Guyana government’s concern about the trend. He has warned that there will be severe penalties for those who underdeclare gold declarations to evade taxes and royalties. “We remain very concerned about what is happening in the market,” Jagdeo said in a previous press conference, adding, “We believe that there are people who are not selling gold to the Gold Board in order to evade taxes, and we believe that this is organized at the time and it is having an impact.”
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