In the first six months of 2016, Gold declarations have jumped to 327,000 ounces taking the estimated declarations for 2016 to 600,000, Minister of Natural Resources Raphael Trotman has said.
In May of this year, 243,000 ounces of gold were declared. This represented an increase of over 92,000 ounces compared to the same period last year. During this time, the Minister had said that prices were a bit “sluggish” as gold was trading at just over US$1200 per ounce on the international market.
However, subsequent to the United Kingdom’s (UK) move to leave the European Union (EU), prices went up to just over US$1300. Minister of Finance, Winston Jordan, at this time too, had projected that declarations for this calendar year would be 550,000 ounces.
On Wednesday though, while addressing the Parliamentary Sectoral Committee on Natural Resources, Minister Trotman revealed that declarations rose to 327,000 ounces by June 30, 2016.
“As of 30 of June, gold declarations have been 327,000 ounces, far in excess of what has been forecasted,” Minister Trotman said, adding that Aurora Gold fields was able to produce 75,000 ounces of that amount.
He went on to estimate total declarations for this year, stating that it is likely to surpass the 600,000 mark.
“We will go beyond the 600,000 mark; our declarations this year are likely to spike beyond 600,000 ounces.”
The success story of gold, he said, is an indication that there is confidence in the system and that Government’s measures to curb smuggling are bearing fruit.
Boasting a “healthy mining sector” the Minister went on to outline the achievement of other natural resources, including Bauxite – 763,000 tonnes of which has been produced thus far in the year.
Of this amount, Rusal led the way in producing 73 per cent of this amount, while the remaining 27 per cent came from BOSAI.
Diamond was also able to record a successful production rate this year. Minister Trotman explained that production for that mineral thus far in the year stands at 61,552 karat which exceeds the budget by 28.2 per cent.
Production of sand has reached 180,000 metric tonnes for the year, and this represents a 15.8 per cent improvement overall from the corresponding period last year.
However, because of a decline in overall construction, a spike in production of quarry stone was not recorded. But despite this, the sector recorded a 3.5 per cent higher production rate than the same period last year, having produces 226,000 metric tonnes for the year.
Having recorded their achievement, Minister Trotman boasted that “the sector is in a relatively healthy position”.
He also weighed in on mining safety, which he said remains an important issue for the Government. This year four persons have died as a result of mining accidents, a number which the Minister said is four too many.
“We have been doing the best we can to reduce the incidents,” he said, adding that just a week ago, a mines safety seminar was held and this initiative will be continued.
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