Guyana Gold Board 2018-06-13T16:05:30+00:00

Guyana Gold Board

The Guyana Gold Board was established on May 15, 1982 to manage the business of trading gold in Guyana. The Board purchases and sells gold within Guyana and abroad, at a standard price which is fixed twice daily. It also secures adequate supplies of gold ensuring equitable distribution at fair prices and engages in other commercial and industrial activities. The GGB has issued dealers’ licences to 9 entities and individuals who help to facilitate the purchase of gold from sellers across Guyana. In addition to its office in Georgetown, the GGB has offices in Bartica and Charity.

For more information about the Guyana Gold Board please call:   Georgetown:  (592) 225-3173

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Guyana Gold Board’s response to Guyana Times article

DPI, Guyana, Ministry of Natural Resources, Press Release, September 9, 2019 With reference to the Guyana Times article of September 6, 2018 headlined ‘Lost $47B Gold Board revenues could have cushioned sugar industry – Jagdeo’, the Guyana Gold Board has no record of realizing a loss of $47 billion to any company during any recent financial period as was reported in said article. The Guyana Gold Board reduced its deficit at the Central Bank from $18.9 billion which was incurred in the year 2012 to $4.7 billion at the end of 2017. This deficit was incurred when the world market price for gold plummeted, without any hedging strategy being in place to cushion the effects of falling prices that affected the large inventory of precious metal on hand – that was most unfortunate but the Guyana Gold Board learned over time and has implemented strategies to cushion the effects of [...]

Guyana Gold Board’s Gold Coin Artwork Competition

        THE GUYANA GOLD BOARD IN COLLABORATION WITH THE MINISTRY OF NATURAL RESOURCES Art Competition Rules and Guidelines To commemorate Guyana’s 50th Anniversary as a Cooperative Republic in the year 2020, the Guyana Gold Board in collaboration with the Ministry of Natural Resources invites the submission of original artistic interpretations of the theme “Continuous Development- Committing to a Green Guyana through Sustainable Mining”. This juried art competition offers 1st, 2nd and 3rd place prizes for original artistic creations; participants must be between 16-35 years of age in order to participate. Awards:               1st place: $300,000.00 2nd place: $ 200,000.00 3rd place: $100,000.00 - (Inclusive of participation Trophies)   Finalists: Selected works will be featured on Gold Medallions, produced by the Guyana Gold Board to be made available for sale to the general public and overseas markets by mid 2019. Contest Requirements for the Artwork: One (1) design must [...]

Ministry of Natural Resources Mourns Death of Anthony Shields

Georgetown, Guyana: The Minister of Natural Resources, Hon. Raphael Trotman, expresses sincere condolences to the family, colleagues, and members of the mining fraternity on the tragic passing of the indefatigable Anthony Shields. Tony Shields, as he was popularly known, was a fierce fighter for the interests of miners and spared no punches in stating his positions on their behalf. He was well known for his wisdom in both the areas of administration and practical sides of mining and was equally at home whether in the boardroom as a representative of the Guyana Gold and Diamond Miners Association or in the field as a miner. Edward Anthony Shields From time to time Tony Shields willingly and freely shared his vast knowledge and experience with the Minister and staff of the Ministry, and his presence will surely be missed. August 3, 2018

Gold Board and Mining Associations Executives forge new processing fee structure; Minister’s promise honoured

In keeping with a commitment made by Minister of Natural Resources, Hon. Raphael Trotman, during a discussion with miners’ representatives and others on September 7, 2017 at Cara Lodge, chairman of the Guyana Gold Board (GGB) GHK Lall, held a meeting yesterday September 14, 2017, with executives of the various mining associations operating under the umbrella body Miners United Movement.  The purpose of the meeting was to reexamine the existing processing fee of $2,500 per ounce for gold sold to the GGB. Present at yesterday’s meeting were, Mr. Terrence Adams and Mr. Andron Alphonso, President and Vice President, respectively of the Guyana Gold and Diamond Miners Association (GWMO), Ms. Urica Primus, President of the Guyana Womens Miners Organization (GWMO) and Mr. Renwick Solomon, Chairman, National Mining Syndicate (NMS). Communications initiated by the Mr.  Lall prior to the meeting laid the groundwork for thoughtful constructive exchanges on how to address the [...]

Team from the Royal Canadian Mint visits Guyana Gold Board to assess the agency’s oversight processes

GEORGETOWN, Guyana - The Guyana Gold Board (GGB) recently hosted a visit by a team from its refining partners, the Royal Canadian Mint (RCM).  Mr. Steve Higgins, Director, Storage and Refining Solutions led the team which included Mr. Derek Hall, Manager of Compliance.  The scope and focus weighed heavily on GGB’s policies and procedures relative to anti-money laundering supervision and the source of gold purchased.  The principal objective was to foster a level of assurance on the robustness of oversight processes of all gold declared from mine to market. RCM’s team reviewed GGB’s files, interviewed employees, visited a gold dealer, and met with members of the agency’s board of directors.  In a subsequent meeting with Minister of Natural Resources, Hon. Raphael Trotman, Mr. Higgins indicated that he was pleased with some of the due diligence efforts implemented at the GGB, and the other strides embarked upon to tighten existing GGB [...]

Ministry of Natural Resources to investigate allegations of Agency’s transactions with fraud-accused licenced gold dealer; Police asked to provide information

PRESS RELEASE The Ministry of Natural Resources has noted the media reports regarding the charges of alleged bank fraud against licenced gold dealer Saddiqi Rafeek Mohamed Rasul and the alleged linkages with personnel at the Guyana Gold Board. As a consequence of these reports, the Ministry will maintain its vigilance over the operations of the Board and will task the incoming Directors  with the immediate task of probing this and related matters as to whether anyone from the agency acted improperly or outside of their mandate in conducting business with said licenced gold dealer. We have also requested the Guyana Police Force to provide additional information and clarification with a view to aiding the investigation. The Ministry of Natural Resource is committed to transparency and accountability within the natural resources sector and will be fully engaged with the authorities in addressing any matter of impropriety in the sector, and in [...]

Gold declarations for 2016 surpass 700,000 ounces

PRESS RELEASE GEORGETOWN, Guyana – The Ministry of Natural Resources can officially announce that as of today December 31, 2016, gold declarations for 2016 have surpassed 700,000 ounces. Further to Minister of Natural Resources’ Honourable Raphael G.C. Trotman’s announcement of a 690,000 ounce declaration on Thursday December 29, 2016, updated information regarding declarations that came through late sales and from declarations made particularly by Mohamed’s Enterprise, a licensed gold dealer, to the Ministry, and the Guyana Gold Board, the end of year figure has been adjusted to 705,820 Troy ounces of gold. The Minister continues to laud the performance of all the miners in the record-breaking declarations for 2016 and asks them to recommit to breaking records again in 2017 where the target has been set at 700,000+ ounces. Additionally, the efforts of the licensed gold dealers cannot go unrecognised, as together, they, and the Guyana Gold Board, were able to achieve [...]