Local gold mining company – El Dorado Trading – has recorded a 38 per cent increase in gold declaration for 2017 when compared to 2016.
Having declared in excess of 122,000 ounces in 2017, the company has projected a declaration of 150,000 ounces of gold by the end of 2018, providing that the market forces and conditions continue to be favourable.
According to Executive Director, Tamesh Jagmohan, some US$160 million was generated from those declarations all of which were remitted back into the local banking system thus helping to stabilise the country’s foreign currency.
He added too that another $2.5 billion was paid to the Guyana Geology and Mines Commission and the Guyana Revenue Authority in royalties and taxes.
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