El Dorado Trading records 38% increase in gold declaration
Local gold mining and trading company El Dorado Trading recorded a 38 per cent increase in gold declaration last year compared to 2016.Having declared in excess of 122,000 ounces in 2017, the company has projected a declaration of 150,000 ounces of gold by the end of 2018, providing that the market forces and conditions continue to be favourable.El Dorado Trading Executive Director Tamesh JagmohanAccording to Executive Director Tamesh Jagmohan, some US$160 million was generated from those declarations, all of which were remitted back into the local banking system thus helping to stabilise the country’s foreign exchange.He added that another $2.5 billion were paid to the Guyana Geology and Mines Commission (GGMC) and the Guyana Revenue Authority (GRA) in royalties and taxes, which could have otherwise ended up in the streets causing Government to lose out on same.Last year’s performance, Jagmohan said, has placed El Dorado Trading among the country’s top gold dealers. He credited the company’s success to his more than 50 staff members at its five locations across the country, miners and supporting entities. He also said that his company has been compliant with the new Anti-Money Laundering (AML) laws and would continue to adhere to such rules and regulations.In addition, he complimented efforts which allowed gold dealers to benefit from a 13 per-cent increase in the world market prices for gold.Speaking with Guyana Times, the businessman is optimistic that his company will surpass its 2018 projection.Nevertheless, Jagmohan noted that over the past year, the small miners have had several challenges, with most complaining about availability of mining lands. In some cases, he noted, that there was an increase in production cost for the miners since they were given concessions in more remote interior location.El Dorado Trading has been in existence for the past 20 years.