Foreign exchange for sale of gold needed-GGDMA

GoldGeorgetown: The Guyana Gold and Diamond Miners Association (GGDMA) is proposing that miners be paid up to 50 per cent of the value of gold sold to the Guyana Gold Board (GGB) in foreign exchange.

The association is also calling for an excise tax of five per cent on imported fuel.

The excise tax on fuel was among five key issues raised by the GGDMA executives. It was explained that fuel accounts for 25-30 per cent of the production cost to miners. Against the background of falling gold prices and the high cost of fuel, lubricants, spares and replacement parts, the association said the five per cent excise tax should be implemented on imported fuel from legitimate oil companies in the Caribbean region.

The association pointed out that the gold board has been in existence for more than 25 years and miners in the past were allowed up to 100 per cent of their gold sold in foreign exchange.

There was also a call for the government to assent to tax waivers on the importation of 4×4 four-door open back vehicles. “These vehicles are still being deemed as luxury items/vehicles and attract heavy import duties. These vehicles are necessary for safe travel, over sometimes impassable roads, in the hinterlands of Guyana for miners, including female miners, as they transport rations, spares, and personnel to and from their work sites. The four-door vehicles will also provide an additional form of security to miners,” GGDMA explained.  “GGDMA is also requesting the appointment of a commissioner of the Guyana Geology and Mines Commission (GGMC). GGMC needs a confirmed commissioner to manage and give direction to the mining industry, especially the gold and diamond sector, in this critical time of falling gold prices, rampant illegal mining, and the upsurge of criminal activities in the hinterlands of Guyana,” the association said as it proposed the appointment of the acting commissioner, Rickford Vieira.