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Guyana’s Gold & Diamond Mining Sector

Guyana’s Gold & Diamond Mining Sector. An overview (2005-2010) By K. Ramdas Senior Mining Engineer Guyana Geology and Mines Commission May 31, 2011. Presentation Objectives. The purpose of this presentation is to:

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Guyana’s Gold & Diamond Mining Sector

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  1. Guyana’s Gold & Diamond Mining Sector An overview (2005-2010) By K. Ramdas Senior Mining Engineer Guyana Geology and Mines Commission May 31, 2011

  2. Presentation Objectives The purpose of this presentation is to: • Provide a basic overview of Guyana’ s Gold and Diamond mining Sector and its performance from 2005 to 2010. • Provide an overview of Capital investment in the Small and Medium scale mining sector in Guyana - 2010

  3. Guyana’s Gold and Diamond Mining Industry • The small and medium scale gold and diamond mining sector in Guyana is a significant contributor to the national GDP, and foreign exchange earnings. • This has brought new challenges to the sector and presents a greater need to implement solutions to meet these challenges in order to sustain the sector.

  4. Performance of the Mining Districts in 2010

  5. Existing Small and Medium Scale Gold and Diamond Mining Operations

  6. Gold Mining Industry • In 2010 domestic mine production of gold increased to 308,438 ounces, 1 percent higher than the previous year’s record output. • Total exports of gold mainly to the United States and Canada decreased from 311,844 ounces in 2009 to 302,653.68 ounces in 2010, a 3 percent decrease. • The average annual price for gold was US$1,144.61, an increase of 26.7 per cent from 2009.

  7. Diamond Mining Industry • Diamond output declined 65.3 percent to 49,920 metric carats in 2010 – 106 dia. Producing operations • Average value per carat for Guyana’s rough diamonds in 2010 was US$156.09, an increase of 4.7 percent • Overseas trade in diamonds in 2010 decreased significantly by 51.2 percent, from 94,831 metric carats in 2009 to 46,253.21 metric carats in 2010 • The value of diamonds exported was US$7 million, down from US$14.1 million in 2009 • Exports – Belgium 59.2% • - United Arab Emirates 21% • - Others 19.8%

  8. Leading Minerals by Percentage value of Output in 2010 • Gold mining maintained its position as the biggest producer of the mining industry in 2010, accounting for 74.9 percent of the total value of mine output. The value of gold produced (G$71,843.7 million) increased by 28 percent over 2009. • diamond (G$1,585.7 million), 1.7 percent

  9. Contributions of the sectors to Guyana’s Mineral Production Value (2005 - 2010) [Percentage]

  10. Mining and the Gross Domestic Product • The Mineral Industry contributed G$29.1 billion (9%) to the GDP in 2010. • Gold production accounted for 77.4% of the Mineral Industry’s contribution to the GDP (equivalent to 7% of Guyana’s GDP), all of which was contributed by the Small and Medium Scale gold miners • Diamond, bauxite and quarry products accounted for the remaining 22.6% of the Mineral Industry’s contribution to the GDP (equivalent to 2% of Guyana’s GDP).

  11. Exports of Mineral Primary Products Sources: Guyana Geology & Mines Commission; Bank of Guyana; Bureau of Statistics Guyana

  12. Export by Commodity and Percentage Change • Sources: Guyana Geology & Mines Commission; Bank of Guyana; Bureau of Statistics Guyana

  13. Mining and Employment Source: Guyana Geology & Mines Commission (a) Average whole year * Revised

  14. Capital Investment in the Small and Medium Scale Mining Sector • Capital investment in the Small and Medium Scale mining sector in 2010 exceeded US$145 million. • New capital investment in the Small and Medium Scale mining sector in 2010 was US$74.4 million.

  15. Capital investment in the Small and Medium Scale Mining Sector • New investment in dredging equipment increased from US$20.2 million in 2009, to US$29.8 million in 2010, an increase of 47.5%. New investment in Specified Equipment (Excavators, Bulldozers, Wash plants, Crushers etc.) increased by 129.9 %, from US$19.4 million in 2009 to US$44.6 million in 2010.

  16. LCDS and the Small and Medium Scale Mining Sector • The Government has been working with the mining sector to identify ways to embark on wide-ranging reform of the mining regulations and their enforcement to ensure that mining operations promote higher standards of environmental sustainability alongside much needed economic development. • GGMC has increased its monitoring and enforcement in the field, both in terms of number of personnel as well as in procedural and systems improvements.

  17. LCDS and the Small and Medium Scale Mining Sector • LCDS – Requirement for monitoring deforestation and degradation • MRV – Independent forest Monitoring, Reporting and Verification; • Greater Scrutiny – Nationally and internationally.

  18. Current Mining Practices • No changes in Mining Practices • Mineral Processing Practices for greater recovery and elimination or reduction of mercury use • Need for Exploration

  19. End of Presentation

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