Guyana recorded a slight increase in gold production in 2024 as the country continues to battle illegal raids, gold smuggling, and labour shortages in the industry.
Minister of Natural Resources, Vickram Bharrat disclosed today that in 2024, the country produced 434,067 ounces of gold – just 1,954 ounces more than it did in 2023.
In 2023, 432,113 ounces of gold was declared.
Though the increase in production is considered minimal, revenue generated from gold production increased by US$181 Million, according to the Natural Resources Minister. He said total revenues amounting to US$989.9M were garnered in 2024.
At a press conference this morning, Minister Bharrat told reporters that the prospects for gold mining in Guyana looks good for 2025, although the challenges are many.
“I can say to you that the operation is ongoing and it involves a number of agencies including the Ministry of Natural Resources. So, that is an ongoing process and will continue and intensify. We have been getting information and we act on information as we get them. And, we are encouraging any Guyanese, any person with information to share it with us,” Minister Bharrat said.
In 2024, the Mining Sector was hard hit by reports and allegations of smuggling.
In one case, a mother and daughter and one of their employees were caught trying to smuggle 240 ounces of gold disguised as silver through the Cheddi Jagan International Airport. The gold was valued US$500,000.
In another matter, the US Treasury Department instituted sanctions against Nazar Mohamed, his son Azrudin Mohamed and their companies for allegedly engaging in tax evasion, gold smuggling and under declaration of gold.
It is alleged that the Mohamed’s Enterprise omitted declaring more than 10 thousand kilograms of gold and avoided paying more than US$50 million in duty taxes to the Government of Guyana.
Meanwhile, in the various Mining Districts, the Guyana Geology and Mines Commission (GGMC) continues to grapple with illegal raids. According to the Commissioner of the Guyana Geology and Mines Commission, Newell Dennison, hundreds of illegal raids took place in 2024.
“Within the last two or three weeks of December, we have had maybe about half a dozen interventions in one location alone. A week after you go back, a week after you go back again, and that’s not the only area where that is going on. I would figure that quite a few hundred of those activities that we would have responded to,” Dennison said.
Minister Bharrat said the GGMC has been tasked with increasing the monitoring of the mining districts.
“However, there are many challenges that we are still faced with in the sector, weather being a big challenge, and over the last three years we have moved from flooding in 2021 to drought in 2023, and as you know gold mining is affected seriously by the weather. Labour also continues to be an issue, and has been the cry by many miners that labour is an issue, and you know that across all sectors because of the amount of investments and economic opportunities, available across all sectors in the country, it has put a strain on the labour force, with many persons moving away from the mining sector,” he explained.
Minister Bharrat said the gold mining industry continues to face challenges, but he assured that the Natural Resources Ministry will work with large, medium and small-scale miners to overcome those challenges.
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