| – GGDMA warns gold sector not out of woods yetIt appears that gold declaration is picking up again but Guyana is not out of the woods yet when it comes to performance of the sector.As of last weekend,Ales Hemsky Jersey, the declarations were over 317,000 ounces, just a couple of thousand less than for the corresponding period last year.With just over two months left of the year, the country would be hoping to overtake the 387,508 ounces recorded last year.The recovery in declarations would be remarkable if it is considered that only in June,NFL Jerseys China, declarations were down 20 percent when compared to the corresponding period.The situation has been somewhat positively affected by the start of operations by Canadian-owned Guyana Goldfields Inc. (GGI), the country’s only large-scale mining operation.The Aurora gold mine which started operations a few months ago, yesterday announced its first sale of the refined product of 1,400 ounces at an average price of US$1,179 per ounce.According to Scott Caldwell, President and Chief Executive Officer, “Plant ramp-up is progressing well and we expect to reach commercial production in the first quarter of 2016 and still hold an untouched US$52 million of overrun facility.”The executive, in the statement, said the first gold sale for the company is a true testament to the quality of the construction team as Aurora ramps up to becoming Guyana’s newest large-scale gold producer.Guyana Goldfields Inc. has made its first gold sale of 1,400 ounces, the company announced yesterday.GGI staff have taken over the full operational control of the entire plant including the primary crusher. The entire plant has now been commissioned with saprolite (soft) ore.Hard rock will not be available until late this year.The company, the first operation to be classified as a large-scale one since the departure of Omai Gold a few years ago, said its grade control drilling and mining reconciliation to date have continued to demonstrate that the ore-body is extremely robust, showing improved grades and tonnage as rock previously modelled as waste is returning as ore.The company is projecting commercial production will be declared,Andrew Franks Dolphins Jersey, once Aurora has the ability to mine and mill an average of 75% of the designed capacity without significant interruption. “Initially,NCAA Football Jerseys, the tonnage requirement was fulfilled with only soft rock ore, however with the inclusion of the hard rock component and its unavailability until later in the fourth quarter, the company now believes it is expected to declare commercial production at Aurora during Q1 (Qaurter 1) 2016.”All sales prior to commercial production will be credited against capitalized project costs,NCAA Baseball Jerseys, rather than recorded as revenue.GGI said that its Aurora Gold Mine has a total gold resource of 6.54 million ounces in the measured and indicated categories.Yesterday, President of the Guyana Gold and Diamond Miners Association (GGDMA), Patrick Harding, warned that it is too early to say that there is a turnaround.With world prices still under US$1,200, hovering at US$1,147 per ounce yesterday,Cheap Nike Air Max Wholesale, the mining official noted small and medium scale miners are facing tough times.Taking into account that Australian-owned Troy Resources is set to commission operations within weeks, one has to take into account the impact these large mining operations have as against the smaller, less financed local ones.Last year, after a four-year run as a result of high prices, gold exports earnings declined a worrying 27.6 percent to US$470M.The gold rush over the last five years and its subsequent price descent has left scores of miners in a lurch, many of them owing banks and suppliers.Hundreds of mining workers have been sent home with the drought in recent months not helping the situation.The David Granger administration has announced a number of measures including a reduction in fuel tax and concessions on spares and supplies. |
