Another waste of fake headlines. Anyone with an economic degree can see that a reduction in U$ request means that buyers are getting more goods for their U$. Any fool who believes that an increase in U$ request from the bank means business is doing well is a drug dealer.

If this anti-koolie government had any brains they would have brought back Robert Persaud and put him incharge of finding new mineral resources for export. I am convinced that Guyana has silver deposits either directly or silver as a byproduct. Also Guyana has to get the natural colored diamond industry moving. I am convinced that Guyana has Green natural colored diamonds somewhere to be mined because I saw one Green diamond from Guyana recently on sale on the world market and it was sold for a premium.  If there was one there may be others and naturally colored diamonds is where the very wealthy put their money as a safe haven.

Mr.T posted:

Another waste of fake headlines. Anyone with an economic degree can see that a reduction in U$ request means that buyers are getting more goods for their U$. Any fool who believes that an increase in U$ request from the bank means business is doing well is a drug dealer.

Do you pretend to be a dunce in order to excuse PnC incompetence or are you really a dunce? 

Mr.T posted:

Another waste of fake headlines. Anyone with an economic degree can see that a reduction in U$ request means that buyers are getting more goods for their U$. Any fool who believes that an increase in U$ request from the bank means business is doing well is a drug dealer.

Anyone with half a brain knows that if the central bank doesn't have hard currency, which in this case is the US dollar, also knows that the country doesn't have money.  Hence the devaluation of the currency.  And this is only the beginning.  If you don't have hard currency you cannot participate in international trade.

Bibi Haniffa posted:

Mr.T posted:

Another waste of fake headlines. Anyone with an economic degree can see that a reduction in U$ request means that buyers are getting more goods for their U$. Any fool who believes that an increase in U$ request from the bank means business is doing well is a drug dealer.

Anyone with half a brain knows that if the central bank doesn't have hard currency, which in this case is the US dollar, also knows that the country doesn't have money.  Hence the devaluation of the currency.  And this is only the beginning.  If you don't have hard currency you cannot participate in international trade.

You can take a jackass to the water but you cannot force him to drink.

Guyana has gold and gold is like hard currency.  What the government should do is to make a deal with a large gold refinery like the Swiss Valcambi or Pamp to build a small gold refinery in Guyana and make it a legal requirement that all raw gold found in Guyana must be processed there. The Guyana goverment will get a percentage, the gold refinery gets a percentage and there will be jobs for Guyanese.  The gold owner gets a refined gold product that they could get a higher price for on the international market rather than just selling raw gold. 

Most of the gold mining business is owned by foreign entities, primarily Canadian.  I am not sure of the %, I think TK knows, but rice and sugar brought in hard currency to Bank of Guyana.  The supply has been depleted and there is no new source of foreign currency earnings.  Hence the shortage which resulted in the Guyana dollar devaluation.

Guyana has lost millions of US dollars over the years by allowing these foreign companies to just export raw gold instead of refining it in Guyana and create more trained jobs for Guyanese.  it is just like allowing the China Chinaman to fly a China Chinese halfway around the world to dig earth with a shovel in Guyana instead of hiring a Guyanese Chinese to do so.

Prashad posted:

Guyana has lost millions of US dollars over the years by allowing these foreign companies to just export raw gold instead of refining it in Guyana and create more trained jobs for Guyanese.  it is just like allowing the China Chinaman to fly a China Chinese halfway around the world to dig earth with a shovel in Guyana instead of hiring a Guyanese Chinese to do so.

So why don't you shout from the roof top that it was the PPP who created this economic disaster? The PPP was solely responsible in allowing these foreign companies to export raw materials, which robbed Guyana of employment.

Bibi Haniffa posted:

Most of the gold mining business is owned by foreign entities, primarily Canadian.  I am not sure of the %, I think TK knows, but rice and sugar brought in hard currency to Bank of Guyana.  The supply has been depleted and there is no new source of foreign currency earnings.  Hence the shortage which resulted in the Guyana dollar devaluation.

• Mining royalty of 5% on gold sales at a price of gold of US $1,000/oz or less
• Mining royalty of 8% on gold sales at a price of gold over US $1,000/oz
• Corporate income tax rate of 30% and no withholding tax on interest payments to lenders; and
• Duty and value added tax exemptions on all imports of equipment and materials for all continuing operations at the Aurora Gold Project, including the construction and operation of a planned port facility, road and power improvements and the construction and operation of the mine.
• http://www.mining.com/guyana-g...overnment-of-guyana/

     https://www.guygold.com/Home/default.aspx

    Production info click on link above.

If large silver deposits are found in Guyana or large amounts of silver as a byproduct.  Then the mistakes that was made with gold should not be made with silver.  A portion of the silver should remain with the central bank as a back for the Guyana dollar.

Django posted:

Bibi Haniffa posted:

Most of the gold mining business is owned by foreign entities, primarily Canadian.  I am not sure of the %, I think TK knows, but rice and sugar brought in hard currency to Bank of Guyana.  The supply has been depleted and there is no new source of foreign currency earnings.  Hence the shortage which resulted in the Guyana dollar devaluation.

• Mining royalty of 5% on gold sales at a price of gold of US $1,000/oz or less
• Mining royalty of 8% on gold sales at a price of gold over US $1,000/oz
• Corporate income tax rate of 30% and no withholding tax on interest payments to lenders; and
• Duty and value added tax exemptions on all imports of equipment and materials for all continuing operations at the Aurora Gold Project, including the construction and operation of a planned port facility, road and power improvements and the construction and operation of the mine.
• http://www.mining.com/guyana-g...overnment-of-guyana/

Is this payment made in US currency, Guyana currency or part of the raw gold.

Prashad posted:

 

Is this payment made in US currency, Guyana currency or part of the raw gold.

Not sure Prash,I doubt it will be local currency.

Mr.T posted:

Prashad posted:

Guyana has lost millions of US dollars over the years by allowing these foreign companies to just export raw gold instead of refining it in Guyana and create more trained jobs for Guyanese.  it is just like allowing the China Chinaman to fly a China Chinese halfway around the world to dig earth with a shovel in Guyana instead of hiring a Guyanese Chinese to do so.

So why don't you shout from the roof top that it was the PPP who created this economic disaster? The PPP was solely responsible in allowing these foreign companies to export raw materials, which robbed Guyana of employment.

If you were reading my posts here on GN&I I have always said that instead of Koolie crab dog fight up of his fellow koolie the China Chinaman is always 100 percent for the Chinaman. The PPP party must always keep this in their minds. That is why the Peoples Republic of China ( communist red China) and the Republic of China (Taiwan) may have different ideology and political agendas but they are one when it comes to claims of Kashmir and parts in India (Demchok, Chumar, Kaurik, Shipki Pass, Jadh and Lapthal) being part of China. 

http://www.sandspringresources.com/s/home.asp

Here is another company in Gold Mining found 6.3 million ounces of silver.

https://guyanachronicle.com/20...o-6-3-million-ounces

6.3 million ounces is a large deposit. I can bet there is more in Guyana.  It is just a matter of finding it.

kp posted:

Requests by banks for US$ at a high in first quarter By Staff Writer April 9, 2017 5 Between the period January 1, 2017 and March 28, 2017, commercial banks requested $51,183,000 in US dollars from the Bank of Guyana (BoG), compared with $60,950,000 that was requested for the entirety of 2016. This is according to data from the BoG and some in the private sector are claiming that the scale of the requests, which is equivalent to over 80% of the requests made for all of last year, is a representation of decreasing supply from other sources. It is unclear whether there were similarly high requests in the first quarter of last year. Of the $60,950,000 in requests for last year, $27,650,000 was met, according to the data. Of the $51,183,000 in requests for the first….

I sounded the alarm about these AFC/PNC clowns in the early stages.

I met a very wealthy Afro businessman who told me that the economy will decline as a result of the anti business agenda by the AFC/PNC and he was 100 percent correct.

This is just the tip of the iceberg, it will get worse as the economy implodes. 

Quote from the article:

"Of the $60,950,000 in requests for last year, $27,650,000 was met, according to the data."

The treasury is empty. There is no foreign currency left. 

BLACK MARKET IS BACK WITH THE PNC.

THE PNC CANNOT RUN A CAKESHOP, HOW CAN THEY RUN A COUNTRY ?

Prashad posted:

If this anti-koolie government had any brains they would have brought back Robert Persaud

Other than steal what did Robert Persaud do?  Investment in the mining sector began under Hoyte, but you will never give him credit for that.

Did the PPP in its 23 years insist that foreign investors in the mining and timber sectors increase their value added done in Guyana? Absolutely not.

Also I invite a comparative analysis of Guyana when compared to its neighbors Suriname and Venezuela.  All commodity producers, and now suffering as commodity prices drop. For what ever reason Guyana isn't in as dire straits.

Now PPP frauds discuss amongst yourselves as to why after 23 years Guyana remained a country exporting low value added commodities over which it had no price controls and limited ability to determine market access. 

Not only is there this dependence, but we remained an INEFFICIENT producer only capable of selling into preferential markets. Well the chickens have come home to roost as no preferential markets exist for sugar and rice and we cannot sell to others as we cannot compete.

Interesting that you blame APNU/AFC which has had 2 years to fix a problem that the PPP didn't in 23 years!

caribny posted:

Also I invite a comparative analysis of Guyana when compared to its neighbors Suriname and Venezuela.  All commodity producers, and now suffering as commodity prices drop. For what ever reason Guyana isn't in as dire straits.

Now PPP frauds discuss amongst yourselves as to why after 23 years Guyana remained a country exporting low value added commodities over which it had no price controls and limited ability to determine market access. 

Not only is there this dependence, but we remained an INEFFICIENT producer only capable of selling into preferential markets. Well the chickens have come home to roost as no preferential markets exist for sugar and rice and we cannot sell to others as we cannot compete.

Interesting that you blame APNU/AFC which has had 2 years to fix a problem that the PPP didn't in 23 years!

What you pnc apologists fail to acknowledge time and time again is the broken promises of your masters; Granger et al. 

They said they had the solution, they said once in office they would stop corruption and this in itself would amount to billions in savings. 

Now the chicken have really come home to roost as it is under the PNC that the country is falling apart and you have now reverted to blaming their predecessors for the incompetency of the ruling party. 

Not all of us were so willing to invest in the drugs business like DrugB and Yugi. So the lack of U$ in the bank is no big deal.

Mr.T posted:

Not all of us were so willing to invest in the drugs business like DrugB and Yugi. So the lack of U$ in the bank is no big deal.

Lack of $US is not only a big deal, it will be the reason why the country will have to declare bankruptcy again!  Under the PNC!!

Mr.T posted:

Not all of us were so willing to invest in the drugs business like DrugB and Yugi. So the lack of U$ in the bank is no big deal.

For your information I am not in the drug business. This is the latest of a string of excuses from the incompetent PNC, that the drug business slow down, hence the shortage of US$s.  It must be a great burden for you to continue to carry their slop can. Maybe django can give you lessons on how to rationalize the stench.