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By Sharmain GraingerSustaining the mining sector in Guyana will require that urgent efforts be made to reduce the cost of production.CEO of MARCORP,Throwback Jerseys,Jorge MedinaThis assertion was made by Chief Executive Officer of MACORP, Jorge Medina, during a recent interview with this publication.According to Medina, while a drop in the global gold price is affecting all sectors related to gold mining, it is certainly not a new phenomenon.  He recalled a time in the past when the price of gold was around US$300 per ounce. This meant that miners were then able to mine gold at lower prices to sustain their businesses.Medina, who has been functioning as MACORP’s CEO for close to two decades, however pointed out that a fluctuation in the gold prices is not one that is influenced by operations in Guyana, but rather by global forces.He went on to emphasise that whenever a commodity attracts a high price there is usually an increased gravitation to it, thereby allowing for augmented production.  However, a change in this trend often results in a moving away from such areas, a development that has not only occurred in gold, but also in copper,Deion Sanders Falcons Jersey, aluminium, bauxite and oil.Medina noted that while this situation will undoubtedly affect some sectors, there are others that will stand to benefit. For instance, in Guyana,Cheap NFL Jerseys, the drop of the gold price has been affecting the economy negatively because the country is engaged in the exportation of gold, while a drop in oil prices will be beneficial, as that is imported. Such a development could be seen as “one thing balancing the other,” Medina opined, as he highlighted that a drop in the price of gold has therefore been resulting in what appears to be a high cost of production.The Executive explained that while MACORP does not have a direct hand in the mining sector, the company has been working closely with miners to help them remain sustainable in terms of production.Based on records spanning the period from 2006 to date, Medina revealed that while the cost of gold has moved on several occasions, MACORP’s equipment and machinery parts have remained almost stable. This is in light of the fact that there have been occasions when there were minimal increases of about 10 per cent, and other occasions, when prices were actually lowered further.But in order for miners to embrace the cost-lowering tactic of their production, Medina said that they first need to be advised on the necessary measures that can be taken.  This, according to him, would require edification in the area of geology, even at the level of the University of Guyana, in order to better understand the mining venture.He pointed out that because of the high price miners are faced with to realise production,Cheap Soccer Jerseys Authentic, they often look for areas where the content of gold is very lean. Moreover, the small amount of gold that they find, at high cost, can by no means justify their operations.“Right now those areas are not feasible to mine, so they need to be focusing only in the areas with high content of gold; that is the secret…they have to become more selective,Discount NFL Jerseys,” Medina emphasised.Currently MACORP has in excess of 300 customers who are involved in small- to medium-sized mining operations, some of whom struggle to maintain their operations whenever there is a drop in the price of gold.And the resulting situation, according to Medina, is one that has the potential of severely affecting the operations of MACORP itself. Because of the fact that miners are unable to access loans from banks and lending institutions to procure machinery to start up their businesses, MACORP is therefore required to lend that support to them. This translates to miners being able to access excavators and machinery parts on a hire purchase basis.But given the trend whereby some miners are not able to make payments because of their diminished operations, Medina said that his company has been very cautious in granting credit. He pointed out that “miners who do not pay their obligations could jeopardise the financial scheme we have,Bobby Orr Jersey,” pointing out that this challenge is not only faced by MACORP, but other providers of machinery as well.“We are not banks and we need money to keep financing them. We get credit from both local and overseas banks to support the miners and we have to pay on time; that is our obligation,Authentic Kyle Korver Hawks Jersey, and if we don’t, we will be forced to pay high penalties or to close the businesses. So if miners don’t meet their obligation to us, they will jeopardise the stability of this company,” Medina stressed as he insisted that “gold miners need to be conscious that they too need to pay their debts.”