Longtime mining executive Barry Kevin O’Rourke is a recognized presence in Guyana’s mining industry. He leads S.A.B. Mining as the managing director. In this role, Barry Kevin O’Rourke takes care of the company’s operations, including the buying and selling of minerals and precious metals. S.A.B. Mining has been assigned 25 1,200-acre blocks of land in the jungles of Guyana that it has permission to mine.
The trading of gold within Guyana is managed by the Guyana Gold Board (GGB). Established in May 1982, GGB was created by the Guyana government to purchase and sell gold within Guyana and abroad. GGB fixes the standard price twice every day - once in the morning and again in the afternoon - to ensure fair trading and equitable distribution of gold. GGB also makes sure that there is a sufficient supply of gold in Guyana.
Trading gold with GGB has many benefits for traders. these benefits include:
Competitive prices
While traders are required to pay a 5 percent royalty for trading with GGB, they still get a better deal with GGB than they would if they trade with illegal traders.
Fair scales
The scales used by GGB are calibrated at least twice every year by the Guyana National Bureau of Standards. Each transaction is done in front of the customer and uses at least two scales to ensure that over or underpayment does not occur.
Reliable purity testing
GGB is reliable when it comes to testing gold purity. GGB uses dry and water densities of gold to ascertain a sample’s purity.
Infrastructure support
The royalties and taxes collected by the GGB ensure that the Guyana government has the necessary funds to maintain roads and infrastructure for the safety of all stakeholders.
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