Guyana expects gold production to drop amid fluctuating prices

IndustriesAssociated Press

Officials in the South American country of Guyana say this year's gold production is expected to be lower than originally forecast.

Miners Association spokesman Colin Sparman said Friday that hundreds of miners have abandoned the industry after suffering losses amid fluctuating prices.

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He said gold production likely will not surpass 400,000 troy ounces this year, which falls short of the target of 481,000 troy ounces set by Guyana's government.

Gold is Guyana's main export. The industry generated nearly $1 billion in revenue last year.