Latest update January 23rd, 2025 7:40 AM
Canadian gold company expected to produce 353,000 ounces of gold annually
—expected to produce 353,000 ounces of gold annually
Kaieteur News- Finance Minister Dr. Ashni Singh said that the Oko West Gold Project underscores the vast potential of Guyana’s untapped mineral resources.
The Oko West Project is currently considered an “advanced-stage exploration project,” and requires an initial capital investment of US$936 million. The Oko West project is expected to produce 353,000 ounces of gold annually from both open pit and underground mining. The project, owned by Canadian company G Mining Ventures (GMIN), is projected to recover 4.5 million ounces of gold over 12.7 years, according to its Preliminary Economic Assessment (PEA) released in September 2024.
The Oko West Mine
Dr. Singh noted that this large-scale development reflects the increasing interest in and potential of Guyana’s mineral sector. “This project underscores the vast potential of Guyana’s untapped mineral wealth,” he stated.
The minister added that exploration efforts and advancements in other areas with large-scale potential are also underway, further reinforcing Guyana’s position as an emerging leader in natural resource development.
G Mining Ventures recently announced its progress on the project, with early construction work scheduled to begin this year. Guyana’s Environmental Protection Agency (EPA) granted an Interim Environmental Permit (IEP) paving the way for early construction. EPA’s approval follows GMIN’s submissions of the Environmental Impact Assessment (EIA) and Environmental Impact Statement (EIS) for the Oko West Gold Project.
According to GMIN the IEP, which is valid for one year, along with the “No Objection” letter from the Guyana Forestry Commission, allows them to initiate early construction activities sooner than expected in Q1 of 2025.
Minister of Finance Dr. Ashni Singh
The company noted that these activities include the construction of a barge landing facility, main access and internal roads, airstrip, permanent camp facility, water and sewage treatment plants and power generation and communication tower.
This publication had reported that the company plans to establish a new port of entry wharf and staging area near Itabali on the Cuyuni River to support operations for its Oko West Gold Project located in Region Seven (Cuyuni-Mazaruni).
The facility will include a wharf, laydown area, and accommodations for workers, with a 40-bed camp planned for the site. Materials and fuel required for the pre-operation and operation phases will be delivered to this landing.
Notably, pre-production activities, including the development of the wharf and terminal, are slated to begin in September 2025 and conclude by December 2026.
It was also reported that the company stated that an airstrip will be constructed in the project area. It was explained that while a number of alternative locations were considered, in the end it was decided that the airstrip will be located to the south of the mine infrastructure and close to the pit/processing plant.
“The airstrip will be designed to accommodate airplanes up to the size of a Twin-Otter or Caravan and will be approximately 850 meters long. The airstrip will be used for the export of gold, personnel transport, and health and safety emergencies during all phases of the Project,” it was stated.
When operational, it was stated that the flights will occur during daylight hours, as the airstrip will not be lit. “The airstrip will be unpaved and constructed from laterite. The airstrip will be oriented northeast-southwest, as required by prevailing winds,” the document states.
Moreover, GMIN is aiming to produce approximately 5 million ounces of gold over 14 to 16 years. 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 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. 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.”
(Canadian gold company expected to produce 353,000 ounces of gold annually)
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