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– urge operators to implement cost-cutting measuresThe country’s largest mining body has warned its members and other operators to reduce costs amidst a steep 30% drop in gold prices on the world market.The price drop has left the gold mining industry on shaky grounds.The warning comes even as President Donald Ramotar is set to meet with members of the Guyana Gold and Diamond Miners Association (GGDMA). The Head of State is expected to unveil plans for the industry this year during that meeting on Monday at the Regency Hotel, Hadfield Street.GGDMA has urged miners to cut costs amidst a steep price drop on the world market.According to the mining association yesterday, figures indicate that 481,000 ounces of gold were declared at December 31st-? about 19,000 shy of the 500,000 targets set by the miners.That figure,Cheap Jerseys From China, not made official yet, would represent the highest ever declaration of the country, more significant in face of the fact that there is no large scale operation in place. Gold production rose steadily from 260,387 ounces in 2008 to 438,645 ounces in 2012.With prices reaching as high as US$1,900 per ounce before falling to a lowly US$1,Cheap NFL Jerseys,100 mark? last year,Cheap Jerseys From China, the declared gold earnings could equal 2012’s of US$725M, which also included diamond production as well.That would spell good news for the Government which has been banking heavily on gold to buoy the economy further. Rice, because of the PetroCaribe deal with Venezuela, has also been a golden child for the country.According to GGDMA,Cheap Nike NFL Jerseys, gold declaration from 2008 to 2012 was 1,675,729 ounces with total foreign currency earnings of US$2.2B.The steep 30% price drop has been a worrying one for miners, the association said yesterday. It noted that this year there is no guarantee about prices. The price has been inching upwards standing at just about US$1,236 per ounce yesterday on the world market.GGDMA urged miners to change their method of operation to ensure viability.“Pay all categories of your workers based on production, not on a fixed monthly rate.? This in particular extends to excavator and other heavy machinery operators.? Doing so will ensure that care is taken of your machinery and will ensure that all staff work together to keep the operation functional and profitable.”Over the past few years, as gold prices soared to highs, local miners took the plunge, investing heavily, borrowing from the banks to buy excavators and fund operations.The association also urged miners to examine ways to ensure overhead costs, like transportation is reduced.“We must demand that there is a reduction in the unreasonable prices charged by certain transporters,nfl jerseys china, fabricators, and equipment and spare parts distributors.? Their prices have gradually increased over the years as the price of gold had escalated.”GGDMA complained that now that world prices are on the decline, there is the expectation that suppliers and other players will also respond to this changing tide by reducing their prices.“If they do not make the necessary adjustments in their pricing, we should not support them,” GGDMA threatened.The association also recommended that operators spend more time planning,Cheap Jerseys From China, setting production targets and budgeting in the coming months to ensure profitability.“Work on cost saving measures, such as stocking up on spare parts on site so that you are not forced to expend excess funds by chartering trips on a regular basis to transport spares into the interior. Apply planned and preventative maintenance measures to your operations to avoid crisis maintenance.”Earnings for gold and diamonds:YearUS million $% of GDPDirect Labour2012725.19.216,0002011527.59.012,0002010353.57.011,0002009295.86.89,0002008234.97.48,000