Guyana looking for new gold broker; set to renew refinery agreement

Last Updated on Friday, 11 December 2015, 22:56 by GxMedia

Guyana is looking for a new broker to sell its gold, following a decision by the Japanese company, Mitsui, to pull out of the overseas trade in precious metals in March, 2016, according to well-placed sources.

Sources close to the administration say authorities are considering at least five brokers in North America from which to contract a replacement for Mitsui. “We are doing research. We know they are coming off so we are in the process of getting other brokers,” a government official told Demerara Waves Online News on condition of anonymity.

The newly-appointed directors of the Guyana Gold Board are expected to give its stamp of approval after due diligence and other work would have been completed. The  Guyana Gold Board  is made up of General Manager, Lisaveta Ramotar;  Joycelyn Williams,  Joanne Homer, Bank of Guyana Representative, Susan Bullen;  Michael Sommersall and John Yates. Sommersall and Yates are closely associated with the People’s National Congress Reform, the major partner in the governing coalition.

A broker such as Mitsui collects in-depth market intelligence on various factors that influence supply, demand and prices that will determine when sales are to be authorized.

Meanwhile, Guyana is about to renew its contract with the Royal Canadian Mint after satisfying a number of requirements related to anti-money laundering.

Although the agreement has not been renewed, the Royal Canadian Mint continues to refine Guyana’s precious metal.

Mitsui will exit physical and futures trading of gold, silver, palladium and platinum, after evaluating the business potential and future profitability of the operation, a company spokesman was reported as saying. The company will keep its business in Japan, the spokesman said.