Georgetown: Gold declaration has increased by 12% so far for 2013 as compared to the same period for 2012.
According to Minister of Natural Resources and the Environment, Robert Persaud, gold declaration for the year so far is on target
“At the end of last week; we saw about a 12% increase in terms of declaration, compared with the corresponding period last year. I’m not giving numbers out, I am just giving the percentage out because of some trading issues we have with the prices and so on.”
Gold declaration for 2013 is expected to be in excess of 451, 000 ounces a significant increase from last year. Gold declaration in 2012 reached a historic high of 403,000 ounces, a figure which was 11% more than the declaration for 2011, and also 8.5% above the budgeted target for 2012.
Meanwhile, Minister Persaud reiterated that while gold prices continue to face a downturn, it has not reached a stage of alarm.
“Its wavering above 1400 but it has not reached one where we could say that there is a crisis or a great state of alarm, we are looking at the price situation closely.”
Additionally, Minister Persaud said all key stakeholders are closely monitoring gold prices, and urged miners to take watch cost and consider diversification
“As we said in the last meeting when we discussed this issue, we all need to look at operations, minimise our exposure in this regard.”
Last month, the price of raw gold had fallen from US$1477 per ounce after reaching a high last year of US$1900. This is the lowest that Guyana has recorded since July of 2011.
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