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Canadian mining company bets big on Guyana to be its next growth engine
…gold project to push company’s annual production beyond half million ounces mark
Kaieteur News- Louis-Pierre Gignac, the Chief Executive Officer (CEO) and Director of G Mining Ventures (GMIN), a Canadian mining company operating in Guyana, recently stated that the firm’s next phase of growth will be driven by the “world-class” Oko West gold project located in Region Seven (Cuyuni-Mazaruni).
Louis-Pierre Gignac, the Chief Executive Officer (CEO) and Director of G Mining Ventures (GMIN)
During the company’s fourth-quarter and end-of-year earnings call, Gignac stated that in 2024 GMIN was able to successfully execute all phases of its build, operate strategy. One of the highlights of 2024 includes GMIN acquiring the Oko West project in July 2024 through a business combination with another Canadian mining company, Reunion Gold.
“Our next phase of growth will be driven by Oko West in Guyana, a large scale high- grade project that was acquired through the transformational merger…” Gignac said. He added that the strong economics outlined in the project’s Preliminary Economic Assessment (PEA) that was completed last year solidifies the Oko West as one of the top development projects globally.
The CEO said, “Once in production, it is set to propel GMIN above the 500,000 ounces per year mark.” The Oko West Project is currently considered an “advanced-stage exploration project”, and is expected to produce 353,000 ounces of gold annually from both open pit and underground mining. The project is projected to recover 4.5 million ounces of gold over 12.7 years, according to its PEA released in September 2024.
However, GMIN is advancing works with a focus on extending the mine life and assessing underground mining potential for the project. The Environmental Impact Assessment and Environmental Impact Statement (ESIA) for Oko West were submitted to the Guyana Environmental Protection Agency (EPA) in November 2024. Earlier this year, GMIN received an Interim Environmental Permit for the project, paving the way for early construction activities and the company has advance permitting efforts toward securing the full Environmental Licence from the EPA.
An aerial view of the Oko West project
In March, GMIN initiated early works at Oko West, including site preparation for a barge landing on the Cuyuni River and the construction of a permanent camp to support future development. The company is also expected to execute works on main access and internal roads, airstrip, permanent camp facility, water and sewage treatment plants and power generation and communication tower.
Last year, a 49,000 meter definition drilling program was completed to support the feasibility study. It was disclosed that the company has allocated an US$8 million exploration budget for 2025 to expand the mineral resource estimate, explore underground mineralisation in Blocks 5 and 6, and identify additional deposits across its land package. In anticipation of making a full construction decision for the project in the second half of 2025, Gignac stated that the company has budgeted US$200M to US$240M to advance the project. “The Oko West project in Guyana is clearly our next growth engine that will allow GMIN’s production profile to reach 500,000 ounces,” he noted.
He added that the feasibility study remains on track for completion this month, and the company will also present an updated Mineral Resources Estimate (MRE) and a maiden mineral reserve for the project. “With an interim environmental permit in hand, we’ve already initiated early construction, which is progressing nicely. We are targeting to complete the barge landing, access road upgrades, permanent camp facility and construction support infrastructure, allowing us to ramp up the workforce during the course of the year,” Gignac said noting that the company hopes to complete all of this work by the end of 2025.
Moreover, in September 2024, the company reported a positive PEA which outlined an after-tax Net Present Value (NPV) of $1.4 billion, an Internal Rate of Return (IRR) of 21%, and a payback period of 3.8 years using a base gold price of US$1,950 per ounce.
(Canadian mining company bets big on Guyana to be its next growth engine)
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