The Guyana Geology and Mines Commission (GGMC) has issued a notice reiterating the legal requirements for the sale of gold. The notice comes amid sanctions imposed by the US Department of Treasury on two members of one of Guyana’s wealthiest families (Nasar and Azruddin Mohamed) and Permanent Secretary of the Ministry of Labour, Mae Thomas.
A June 11 press statement from the Department of State indicated that “between 2019 and 2023, Mohamed’s Enterprise omitted more than ten thousand kilograms of gold from import and export declarations and avoided paying more than $50 million in duty taxes to the Government of Guyana.”
Meanwhile, the notice issued by the GGMC further stated that under Sections 6 & 8 of the Guyana Gold Board Act, persons who possess gold as a producer (miner) or a tributor are required to sell all gold to the Guyana Gold Board, or an authorized buyer. It defined an authorized buyer as one of six licensed Gold Dealers currently licensed by the Guyana Gold Board, or persons/entities who are Licenced Traders in gold as authorized by the GGMC.
The GGMC is reminding miners, operators, and tributors that they are required to sell their gold to the following entities:
- The Guyana Gold Board (GGB), has offices in Georgetown, Port Kaituma, and Bartica, and conducts periodic mobile transactions in other Mining Districts.
- Six (6) registered and licensed Gold Dealers.
- Licensed Traders in gold who are authorized by GGMC by way of a Traders Licence issued in 2024 and valid until the 31st of December 2024.
Moreover, the GGMC has warned that persons who are found in breach of this legal requirement will be subject to criminal prosecution. Also, miners with existing property tenures within GGMC who are complicit with these illegal activities, will risk losing their tenures, and/or be restricted from the mining sector.
Miners who have any questions or who wish to report suspicious gold trading activities can contact the Commissioner of the GGMC or the Ministry of Natural Resources.