Gold revenue increased by US$181M in 2024 as large-scale producers restart, expand operations
Gold revenue saw a significant surge in 2024, with an impressive increase of US$181 million driven by the resumption and expansion of operations by large-scale gold producers across the country.
Speaking at his Ministry’s end-of-year press conference, Minister of Natural Resources Vickram Bharrat said that the total gold revenue for last year was US$989.9 million.
“I believe this is an encouraging sign for the sector and for the stakeholders, so much so that we are seeing now that a number of key stakeholders are expanding or restarting their mining operations, and they are also new players entering the sector,” the Minister stated.
Furthermore, gold production in 2024 is 434,067 ounces, a slight increase from 2023, when it was 432,113 ounces. The Minister explained that the slight increase is a result of diversification by several miners.
“I believe what is produced is declared right now. The thing is, a lot of people came out of gold mining,” Minister Bharrat stated. Notwithstanding, the Minister said that the government will work with small and medium-scale miners to increase their recovery rate.
He explained that large-scale producers had increased production, with some achieving almost 95 per cent recovery rate compared to Guyanese, who are struggling between 40 to 45 per cent.
As a result, in 2024, some 500 small miners were granted concessions in Regions One, Seven, and Eight. “Those miners will soon go into operation,” Minister Bharrat added.The Guyana Geology and Mines Commission (GGMC) has been tasked with enhancing its monitoring system to increase production and eliminate illegal mining activities.
