Officials of Techemet Metals Trading and G4S International Logistics paid a courtesy call on the General Manager of the Guyana Gold Board Ms. Eondrene Thompson on Tuesday October 23, 2018 as the gold trading and regulating agency continues to pursue measures to ensure compliance and enhance transparency.
Representing Techemet were Brad Gillis, Credit and Risk Officer and Vice President Rishi Sawhney. G4S was represented by Yuri Masiuk, Operations Manager – Americas and Scott Volpe, Sales and Business Development Manager – Americas.
The visiting officials of the two entities spoke extensively with Ms. Thompson about the Guyana Gold Board’s systems and measures with a view of assessing the local agency’s compliance levels to local and international best practices and standards. They also discussed some of the challenges that the Guyana Gold Board faces and how these are being addressed.
Following the meetings, the visitors were given a tour of the Guyana Gold Board’s burning room and smelting operations with a view of observing the systems and procedures as they relate to safety and security.
Techemet has been offering brokerage and trading services to the Guyana Gold Board for approximately four years now subsequent to Mitsui and Co Precious Metals exiting the precious metals business. Based in Pasadena, Texas, USA, Techemet’s in house metals trading department is able to quote ‘spot’ or ‘forward’ gold prices as well as settle on the London fix, which is the benchmark at which the Guyana Gold Board purchases gold.
With the help of Techemet, the Guyana Gold Board has the ability to hedge material in advance of delivery to minimize the risk with regards to market fluctuations.
G4S International Logistics is one of the world’s leading companies specializing in global security logistics of valuable commodities to banks, governments, mines, refineries, jewelers and fine arts institutions. They are responsible for the safe and secure shipping of Guyana’s gold to the Royal Canadian Mint.
The Guyana Gold Board says that it is committed to continuing the good relationships with its international partners as it works towards ensuring that the gold trading sector is well regulated and compliant with a view to garnering the maximum benefit for the people of the Cooperative Republic of Guyana.
