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Smuggling blights Guyana gold rush
South American country is losing a third of its gold revenue each year due to illegal trading.
Last Modified: 03 Oct 2011 17:55

Guyana is losing tens of millions of dollars each year because of widespread gold smuggling, despite the fact that the precious metal now ranks second after agriculture in the revenue it generates for the South American country.

Gold is worth almost $400m dollars a year to Guyana; stores are full of merchandise made with locally produced gold. The surge in the price of the metal has also led to billions of dollars in investment in the mining sector.

Yet the country loses up to a third of its gold revenue as a result of smuggling. A World Wildlife Fund study estimates that tonnes of the country's gold are being moved illegally across the border into Suriname.

Al Jazeera's Anand Naidoo reports from Georgetown, Guyana.

Source:
Al Jazeera
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