Ministry of Natural Resources, Guyana Gold Board and Miners’ Association Agree on Transaction Fee

Georgetown, Guyana – After two rounds of consultations with the Guyana Gold and Diamond Miners Association (GGDMA), which also involved representatives of the Ministry of Natural Resources and members of the Board of Directors of the Guyana Gold Board (GGB), and based on an acceptance that cost recovery measures were necessary at the GGB, a processing fee of $2,500 per ounce has been finalized and will be charged on all gold sold to the GGB, effective September 1, 2017.  The fee will not be charged by the licensed gold dealers.

The processing fee will enable the GGB to embark upon a structured and targeted program to better manage some of its present and future annual operational expenses.

Minister Trotman thanked the executives of the GGDMA for its responsible partnering in addressing this thorny longstanding issue.  The minister also shared that currently all areas of GGB operations are under review with a view to enhancements and greater financial prudence.

Chairman GHK Lall, speaking for the directors of the GGB, thanked the minister for his timely intervention.  He also applauded the executives of the GGDMA for their understanding of the situation, and for participating in a process characterized by frank and practical exchanges, and which has led to what must be regarded as a positive outcome all around.

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