The Guyana Gold Board (GGB) has reported that earnings reached US$346.4 million, compared to US$281.7 million in 2009.

The increased earnings have been attributed to the high prices which prevailed in 2010, the average being US$1,235 per ounce. The price of gold reached as high as US$1,426 per ounce and even the lowest price for the year – US$1,052 – was higher than the 2009 average of US$972 per ounce.

The GGB added that the 2010 gold declaration amounted to 308,438 ounces, an increase of 3,260 ounces over the previous year’s declaration.

It was the second consecutive year that gold declarations passed 300,000 ounces, even though the figure did not reach the 311,816 ounces projected in the 2010 Budget.

The GGB explained that a dry spell early in the year and heavy rainfall during the months of July and August were responsible for that shortfall.