The Guyana Gold and Diamond Miner’s Association [GGDMA] proudly disclosed today that small and medium scale miners were responsible for more than 80 percent of the gold produced last year. Expounding further, the Association said that the miners achieved production of 485,552 ounces of gold for 2020, totaling US$808,587,118 in export earnings when compared to US$619,988,745 in 2019.
According to the lobbying group, this production outperforms the production of the two large scale foreign mining companies in Guyana. This news agency understands that the production figure, while slightly below 2019, is especially significant and noteworthy given that the mining industry, in 2020, faced severe challenges caused by the global pandemic, financial and infrastructural constraints, and a difficult tax regime.
Further to this, GGDMA noted that despite the disadvantages between the large scale and the small and medium scale miners, miners have maintained their commitment to the production target and continue to perform. The Association said it will therefore continue to lobby the government for additional reliefs and tax support for the local industry to increase productivity and motivate additional investment.
While the 2021 target for gold production has not yet been announced, GGDMA said it remains confident that the small and medium scale miners will once again rise to the occasion and deliver yet another stellar performance.
2020 breakdown of gold production figures in ounces
Small and Medium Scale Miners – 485,552
Large Scale Miners [2] – 99,882
