Business

Aurora Gold Mines/ Guyana Goldfields on Sunday rejected suggestions that all of the gold produced is not declared. Officials said the vault in the refinery is under tight video surveillance and those who have access to the combination lock codes for the vault are 90 percent Guyanese. Administration Manager, Peter Benny said representatives of the Guyana Gold Board, Guyana Geology ...

Minister of Business, Dominic Gaskin on Saturday urged Guyanese to ignore the “vocal minority” who has been persistently heaping criticisms on Guyana oil’s contract with ExxonMobil. Addressing the opening of the Guyana Telephone and Telegraph’s INNOV8 Technology Exposition, he said Guyana has a “golden opportunity to prudently save, invest oil revenues” in a sustainable manner that would benefit current and ...

The Chairwoman of the Guyana Forestry Commission (GFC), Jocelyn Dow wants to use some of the Norway Funds for the preservation of the country’s standing forests to set up a revolving fund to help small loggers get into value-added production. “The money that has been earned from our conversation- we believe that some of that money should come directly to ...

Former Manager of Chile’s Sovereign Wealth Fund, Eric Parrdo on Friday said Guyanese should not expect huge salary increases when the country begins earning loads of cash from oil exports, and there needs to be broad-based national consensus on wealth-management laws. His words of caution were issued at an interaction session with journalists and other interested persons at The Theatre Guild, ...

As a group of persons intensify plans to continue legal action against the granting of offshore concessions they claim without the required permits, Guyana’s Ministry of Natural Resources on Friday said it was prepared to defend its decisions and assured that no laws were violated. “The Government of Guyana is prepared and willing to present all facts in this regard ...

Even as the Guyana Gold Board (GGB) boasts of reducing its deficit and investing a huge amount of cash to strengthen the security of its database and allow miners to register with that regulatory agency on the phone, gold miners were Thursday up in arms over the board’s decision not to refund monies earned from silver. GGB Chairman, Gabriel Lall ...

The Guyana Gold Board has hired experts from Trinidad and Tobago to confirm what the University of Guyana (UG) has already told that regulatory agency- that mercury emissions no longer pose a risk to people in the area, Gold Board Chairman, Gabriel Lall said Friday. “We have moved very aggressively to address that problem. As I speak right now, somebody ...

Residents of Kwakwani are now benefiting from improved electricity supply as a result of the installation of two new generating sets by the Kwakwani Utilities Inc. (KUI), the  Ministry of Public Infrastructure said Thursday afternoon. A ceremony commissioning the two new 260 kilowatt generators was held at the Power Station. The new sets more than meet the demands of the ...

A University of Oxford Professor of Economics and Public Policy on Wednesday urged Guyana to guard against lavish spending of oil earnings on consumer items which would result in a re-valuation of the Guyana dollar that would make other traditional exports noncompetitive. “If you spend it throwing a party in the economy on a lot consumption goods, you get appreciation. ...

A British Professor of Economics and Public Policy, Sir Paul Collier  on Wednesday warned that if Guyana scraps  the ExxonMobil contract that would have disastrous consequences for the country’s investment climate, but he instead recommended strongly that the country beef up its capacity to avoid tax evasion by oil companies. “Whatever you do, if you tear up your first oil contract, ...