Gold Board raises cash limit to $6M; mobile purchases to begin

The Guyana Gold Board has increased its cash payout limit to $6 million, up from $1.5 million, and is preparing to roll out mobile gold purchasing units in key mining districts as part of efforts to improve services to miners and strengthen compliance in the sector.

Natural Resources Minister Vickram Bharrat made the disclosure during consideration of the 2026 Budget Estimates.

Addressing questions from Opposition Members regarding payment arrangements for gold sales, Bharrat confirmed that the increase was implemented recently.

“As in a few months back, we would have increased the cash payment by the Guyana Gold Board to $6 million, from $1.5 million to $6 million,” he said.

The adjustment comes amid rising gold prices and continued growth in declarations by small and medium-scale miners. Bharrat noted that while the increased limit allows for greater cash transactions, purchases exceeding the $6 million threshold will continue to be processed through electronic transfers or cheque payments.

“The remaining amount, if the purchase is more than $6 million, is paid either through electronic transferring directly into the individual bank account or by way of a check,” he explained.

The Minister indicated that the decision to raise the limit was informed by operational realities in hinterland regions, where access to banking services can be limited, and miners often prefer immediate liquidity for business operations.

In addition to the revised cash cap, the Gold Board is moving to introduce mobile purchasing services to bring its operations closer to mining communities.

He said several districts have already been identified for the initiative.

The mobile units are expected to improve accessibility for miners operating in remote locations, reducing the need to travel long distances to fixed Gold Board offices.

The announcement comes against the backdrop of a wider enforcement and compliance drive in the mining sector. Bharrat emphasised that the ongoing operation is not intended to displace small miners but to ensure that production and declaration figures align more closely.

The Minister reported that small and medium-scale miners declared approximately 317,000 ounces of gold in 2025, describing the figure as significant. He further noted that December recorded a historic monthly declaration of 81,000 ounces, despite the traditionally shorter mining period during the holiday season.

According to Bharrat, the Guyana Gold Board also achieved a milestone in purchases, recording 195,000 ounces for the first time.

The higher cash limit and planned mobile purchases are expected to complement these gains by encouraging miners to transact directly with the Gold Board and remain within the formal system.