Guyana Gold Board 2017-01-11T11:42:53+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.

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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 [...]

Varshnie Singh, Dr. Raquel Thomas, Vanessa Kissoon, Jocelyn Dow appointed to serve on Natural Resources Boards

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Minister Trotman inducts new Guyana Gold Board – says lots of work to be done

Georgetown, Guyana – (January 15, 2016) Minister of Natural Resources, Mr. Raphael Trotman, today, inducted the new members of the Guyana Gold Board (GGB) charging them to  fulfil their mandate  to the best of their abilities, for the good of the mining community and the nation. Newly installed Chairperson of the Guyana Gold Board (GGB) Mrs. Joycelyn Williams Those inducted today were Mrs. Joycelyn Williams, an Economist, who will serve as the Chairperson; Mr. John Yates, former Banker; serving as Deputy Chairperson; Ms. Lisaveta Ramotar, General Manager, Guyana Gold Board; Ms. Joanna Homer, Legal Officer, Ministry of Natural Resources; Ms. Theresa Foster, representative from the Bank of Guyana; Mr. Michael Somersall, Attorney at Law; Mr. Andron Alphonso, representative from the Guyana Gold and Diamond Miners’ Association (GGDMA) and Ms. Susan Bullen, Attorney at Law. A representative from the Guyana Geology and Mines’ Commission (GGMC) is expected to be [...]