Latest update February 8th, 2026 12:40 AM
Latest News
- ExxonMobil now owns all four FPSOs in the Stabroek Block
- ‘Redact it, don’t bury it’ — Amanza says Govt. hiding behind ‘National Security’ to withhold GDF crash report
- ‘Miracle birth at GPHC’ – doctors beat rare bleeding disorder to save mother and baby
- ‘Non-negotiable’: Iran says missiles off the table in talks with the US
- ‘$25.4B for green power’ – Govt. boosts renewable capacity sevenfold in five years
Stop the gold rush: Jordan warns against ‘reckless’ giveaway of gold mines
Former Minister of Finance, Winston Jordan
Kaieteur News – The handing out of several gold mines at a time when Guyana is producing oil is a reckless move. This is the view of former Minister of Finance, Winston Jordan.
During a recent appearance on The Countdown hosted by Andrew Weekes, Jordan said that he believes Guyana has enough oil to last for the next couple of decades, even at the current extraction rate by ExxonMobil Guyana Limited (EMGL), operator of the Stabroek Block. “Look, there’s enough oil there to last another 30, 40 years, even at the existing extraction rate…that’s huge money coming to a country in terms of population, [in] 10 years’ time with good investment and all these things all of us should be, not super rich but have a decent standard living,” he noted.
The former minister said he believes the trend of high gold prices will continue into the future. He added, “Look at the price of gold…which now is calling forth a bunch of people now into Guyana.”
However, he contended that the People’s Progressive Party/Civic (PPP/C) government in its “shortsightedness,” has handed out several massive gold mines to predominantly Canadian producers. This publication reported that five Canadian mining companies collectively control an estimated 15.5 million ounces of gold across various stages of development. These projects, spanning across Guyana’s mining regions, are progressing through exploration, feasibility studies, and permits. Many of the companies have boasted of Guyana’s mining-friendly policies and bank on the projects to drive substantial growth for their businesses.
For his part, Jordan noted that government should have looked at the gains Guyana would receive from those foreign mining investments before making a decision on the way forward. He also said it would have been an opportune time to save the environment. “But instead, instead, we’re not satisfied with the extraction of the oil that we have got. We have gone on giving away these gold mines, these massive gold mines, for next to nothing, because it’s next to nothing…we just get a couple people working there, locals, with some wages and then some small piece as a royalty,” Jordan stated.
He argued that the timing of giving out so many large-scale gold mines is not a good move. Jordan outlined that the large-scale producers extract the gold, which is then exported out of Guyana, adding value elsewhere. He noted, “Everything else is given away. There’s no smelter…the gold is then going to be dug out, and then you give them permission to build airstrip. They are going to fly out the gold from the airstrip, and it’s going to be added value for somewhere else, but not in Guyana.”
The former minister stressed that giving out these mines is not necessary at this stage.
“Now you got oil. You need to concentrate on how we diversify the economy using these oil resources,” he said. Jordan added that what the government has done instead is put a further strain on the country’s oversight of the already stretched mining sector. “We don’t even have the caliber of people and staff to do so,” he noted.
Further, Jordan pointed out that one of the gold producers, Omai Gold Mines Corp., which has now reentered Guyana’s mining industry, during its previous stint in Guyana, paid no income taxes. The company now has full ownership of the historic Omai gold project. Omai recently announced an updated Mineral Resource Estimate (MRE) for its property, now estimated to hold 2.1 million ounces of gold.
“We can’t be serious, forgive me for sounding gloomy, but it is gloomy. I thought that we didn’t need to go and give out two and three more gold mines. Those could be left for our future generations…when the oil run out…” Jordan said.
Notably, for the past 20 years, Guyana has been receiving either 5% or 8% royalties from the large-scale mining companies operating here.
Canadian gold company G Mining Ventures (GMIN) recently announced the commencement of construction of a 13-kilometer access road to its 5.4 million-ounce Oko West Gold Project. GMIN is the 100% owner of the Oko West project and recently received an Environmental Permit from Guyana’s Environmental Protection Agency (EPA) for the project.
GMIN’s President and Chief Executive Officer (CEO), Louis-Pierre Gignac last year said that if gold prices remain high when production commences at Oko West, Guyana could receive corporate taxes. Gignac said that unlike his father’s previous involvement with Omai’s gold project, where the company did not pay corporate taxes to Guyana due to low prices at the time, he is confident that Oko West will benefit from the current high gold prices. As such, he had expressed optimism about paying corporate taxes to the government, contingent on gold prices remaining high.
Additionally, other Canadian companies are active in Guyana’s mining sector. Aris Mining owns the Toroparu project, a significant gold development with both open pit and underground potential. The project boasts indicated resources of 5.4 million ounces of gold, placing it among the largest undeveloped gold projects in the region.
Another player is Mako Mining, which is pushing ahead with its Eagle Mountain Gold Project in the Mahdia district. This project has an MRE of 1.2 million ounces. Meanwhile, G2 Goldfields Inc. estimates recoverable gold at its Oko project at 1.5 million ounces.
Discover more from Kaieteur News
Subscribe to get the latest posts sent to your email.
Similar Articles
One thought on “Stop the gold rush: Jordan warns against ‘reckless’ giveaway of gold mines”
THE BLUNT OF THE DAY
Sports
Features/Columnists
Sir. Ronald Sanders
The GHK Lall Column
Weekend Cartoon
I have always spoken about NATIONALIZING Guyana’s natural resources like it has been done by Burkina Faso. However, the Guyanese electorate whoa have recklessly given the PPP another term in office are complicit in these give aways of our natural resources to the Canadians, Exxon, Russians, Indians, Qataris, Australians, Chinese and a host of other pirate scavenger’s who come with smiles and suits and get lucrative agreements, while the government official get richer. Look at the amount of money, property and houses which have been amassed by members of the PPP and you will see the picture. Let the Guyanese suffer for their ignorance and stupidity, while the foreign bacteriophages eat the mignon from the best part!