Smuggling blights Guyana gold rush

South American country is losing a third of its gold revenue each year due to illegal trading.

    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


    YOU MIGHT ALSO LIKE

    Interactive: Plundering Cambodia's forests

    Interactive: Plundering Cambodia's forests

    Meet the man on a mission to take down Cambodia's timber tycoons and expose a rampant illegal cross-border trade.

    The priceless racism of the Duke of Edinburgh

    The priceless racism of the Duke of Edinburgh

    Prince Philip has done the world an extraordinary service by exposing the racist hypocrisy of "Western civilisation".

    China will determine the future of Venezuela

    China will determine the future of Venezuela

    There are a number of reasons why Beijing continues to back Maduro's government despite suffering financial losses.