Transaction fee for gold sold directly to Guyana Gold Board

Last Updated on Wednesday, 19 July 2017, 16:46 by Denis Chabrol

The headquarters of the Guyana Gold Board, Brickdam, Georgetown.

The Guyana Gold Board will begin charging a GYD$2,500 per ounce transaction fee on all gold sold directly to that entity to help finance the running of its affairs, following consultations with the Guyana Gold and Diamond Miners Association (GGDMA),  the agency announced Wednesday.

“The processing fee will enable the GGB to embark upon a structured and targeted program to better manage some of its present and future annual operational expenses,” according to a statement issued through the Ministry of Natural Resources.

Referring to consultations with the GGDMA, representatives of the Ministry of Natural Resources and the Board of Directors of the GGB, the authorities announced that the processing fee orf GYD$2,500 per ounce has been finalized and would be charged on all gold sold to the Board from September 1, 2017

The Ministry made it clear that “the fee will not be charged by the licensed gold dealers.”

Minister of Natural Resources, Raphael Trotman reportedly thanked the executives of the GGDMA for that organisation’s “responsible partnering in addressing this thorny longstanding issue.

The minister also shared that currently all areas of GGB operations are under review with a view to enhancements and greater financial prudence, the ministry saod.

Gold Board Chairman Gabriel Lall, speaking for the directors of the GGB, thanked the minister for his timely intervention.  “He also applauded the executives of the GGDMA for their understanding of the situation, and for participating in a process characterized by frank and practical exchanges, and which has led to what must be regarded as a positive outcome all around.”