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Guyana among top 10 jurisdictions for global mining investment attractiveness
Kaieteur News – Guyana has been ranked among the top 10 jurisdictions in the world for mining investment attractiveness, according to the Fraser Institute’s Annual Survey of Mining Companies 2024.
The Fraser Institute is a Canada-based firm that produces research on public policy issues impacting Canadians’ quality of life, including taxation, education, energy, and natural resources. Its annual mining survey evaluates jurisdictions based on geological potential and the impact of government policies on exploration and investment.
Guyana secured the ninth position globally on the Investment Attractiveness Index. Finland topped the list, followed by Nevada (2nd), Alaska (3rd), with Wyoming, Arizona, Sweden, Saskatchewan, Newfoundland & Labrador, Guyana, and Norway rounding out the top 10.
Guyana has a long history of small- and medium-scale alluvial mining. However, its mining-friendly policies and supportive government have attracted several foreign firms in recent years. This publication previously reported that five Canadian mining companies collectively control an estimated 15.5 million ounces of gold across various projects in different stages of development. These ventures are currently undergoing exploration, feasibility studies, and permitting processes, with first production expected between 2026 and 2028. Most of these companies have commended Guyana’s favorable regulatory environment and view their projects here as key drivers of future growth.
Guyana ranks no.9 on the Fraser Institute Annual Survey of Mining Companies 2024 – Investment Attractiveness Index
At present, only one large-scale gold project is in operation, the Aurora Gold Mine (AGM), owned by Chinese state-owned Zijin Mining Group Co. Ltd. through its subsidiary AGM.
The project is estimated to have close to 184 tonnes of gold (183,809 kg), or approximately six million ounces. The project is located in Region Seven (Cuyuni-Mazaruni), which is also home to most of the other major developments underway.
Guyana’s gold sector has seen a noticeable dip in declarations in recent years. According to the Bank of Guyana’s annual reports, gold declarations declined by roughly 209,000 troy ounces between 2019 and 2023. However, a modest rebound was recorded in 2024, with declarations rising by 1,954 ounces, from 432,113 ounces in 2023 to 434,067 ounces.
Moreover, in addition to its global ranking, Guyana placed first in Latin America and the Caribbean, outperforming Brazil, Chile, Peru, and Mexico. It also scored seventh on the Best Practices Mineral Potential Index, which reflects a jurisdiction’s untapped mineral potential.
Guyana last appeared in the Fraser Institute’s 2022 report at 22nd. It was not ranked in 2023 due to an insufficient number of responses.
The 2024 survey was conducted electronically from August 7 to December 15, 2024, and received input from 2,289 individuals across 82 jurisdictions. It measures the impact of mineral endowments and public policy factors such as tax regimes and regulatory uncertainty on investment decisions.
Reacting to Guyana’s climb up the rankings, Canadian firm Omai Gold Mines expressed pride in advancing one of the Guiana Shield’s fastest-growing gold projects. The company said Guyana’s recognition reflects the exciting path ahead for the country and the Omai Gold Project. The company’s President and Chief Elections Officer (CEO), Elaine Ellingham said, “These results reflect what we’ve experienced —Guyana offers a unique combination of world-class geology, a supportive investment climate and a government that welcomes large-scale mine development.”
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