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Canadian mining firm plans to produce 5M ounces of gold within 16 years – EIA reveals
Kaieteur News- The new owner of the Oko West Gold Mine G Mining Ventures (GMIN), a Canadian firm is aiming to produce approximately 5 million ounces of gold over 14 to 16 years. This information is contained in the Environmental Impact Assessment (EIA) for the Oko West project that was published by Guyana’s Environmental Protection Agency (EPA).
In July 2024, GMIN bought Reunion Gold, another Canadian company for some US$638 million–through this transaction GMIN acquired Reunion’s flagship Oko West Mine.
The Oko West project located in Region Seven (Cuyuni-Mazaruni) is currently considered an “advanced-stage exploration project.” The Mineral Resource Estimation (MRE) dated 26th February, 2024 is 4.27 million ounces of gold in indicated resources and 1.60 million ounces of gold in inferred resources. The Oko West project is expected to produce 353,000 ounces of gold annually from both open pit and underground mining. According to the EIA, “planned production of approximately five million ounces of gold over 14 to 16 years from the processing of an estimated 65 to 70 million tons of ore, creating 280 to 350 million tons of waste rock and 65 to 70 million tons of tailings.”
A section of the Oko West Gold Mine
According to the EIA, “Mining will take place over 12 to 14 years, and processing over 14 to 16 years. Exploration of the Project area will continue during operations.” It was stated too that there is potential that additional deposits may be identified throughout the mine life. However, it should be noted that the current study addresses only the currently known resource.
The construction and operation of the project requires the development of supporting infrastructure. In addition to the open pit and underground mines, project facilities will include a processing plant, HFO power plant, fuel storage, tailings storage facility (TSF), waste rock storage facility (WSF), water source, process water holding ponds, diversion channels, shop facility, administration building, camp, airstrip, haulage roads, and access roads to the project area.
Moreover, it was disclosed that the processing plant will be designed nominally to treat 6 to 7 million tons of ore per annum. It will consist of comminution, gravity concentration, cyanide leach and adsorption of the gold concentrate via carbon-in-leach (CIL), carbon elution, and gold recovery circuits. CIL tailings will be treated in a cyanide destruction circuit prior to discharge in the TSF.
GMIN is aiming to start construction next year and hit the production stage by 2027-2028. The company also has plans to build its own airstrip, which will be used during the construction phase and production stage. The Oko West Prospect License (PL) covers approximately 6,700 hectares of mineral rights. The PL was issued on 23rd September, 2022, by the Guyana Geology and Mines Commission (GGMC), following the relinquishment of eleven medium-scale mining permits held by two Guyanese entrepreneurs with whom Reunion had signed agreements.
(Canadian mining firm plans to produce 5M ounces of gold within 16 years – EIA reveals)
(Canadian mining firm plans)
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