GMIN lands US$387M to fire up Oko West mine

Oct 08, 2025 News

…final investment decision for this month

(Kaieteur News) – Canadian mining firm G Mining Ventures Corp. (GMIN) has struck gold in more ways than one, announcing on Monday that it has secured a whopping US$387.5 million financing package to kickstart development at its 100 percent–owned Oko West Gold Mine in Region Seven (Cuyuni-Mazaruni). The project holds an estimated 5.4 million ounces of gold.

GMIN lands US$387M to fire up Oko West mine

A section of the Oko West gold operation

The company explained that the financing packaging which could total up to US$537.5 million provides the corporation with the financial flexibility to advance the development and construction of its 100%-owned Oko West Gold Project in Guyana.

The financing package is anchored by an agreement with a syndicate of financial institutions for a revolving credit facility that allows the company to borrow up to US$350 million, with an accordion feature for an additional US$150 million available post-closing, which is subject to customary conditions.

It was disclosed that the syndicate is led by National Bank Capital Markets and Macquarie Bank Limited as joint bookrunners and co-lead arrangers, with participation from Bank of Montreal, ING Capital LLC, Royal Bank of Canada, Citibank and CIBC.

Moreover, GMIN also announced that Komatsu Finance Chile S.A., a subsidiary of global equipment leader Komatsu Ltd., and GMIN Ventures Guyana Inc., an indirect wholly owned subsidiary of GMIN, executed a Master Loan and Security Agreement (MLSA) to finance the procurement of mining and construction equipment for the development of the project. Notably, under the terms of the MLSA, Komatsu Finance will provide financing through multiple equipment notes with a total principal amount not to exceed US$37.5 million.

“With these financing arrangements in place, together with strong cash flow from the Tocantinzinho Mine, we now have the financial resources required to bring Oko West into production,” said Julie Lafleur, VP Finance & Chief Financial Officer.

Lafleur added, “This entirely non-dilutive package increases financial capacity, provides additional flexibility, and reflects the confidence of National Bank, Macquarie, Komatsu Finance and the broader syndicate in our ability to deliver. We remain focused on disciplined capital allocation and advancing Oko West responsibly, on schedule, and within budget to generate meaningful value for all stakeholders.”

Further, GMIN noted that now that it is in receipt of the Oko West environmental permit from Guyana’s Environmental Protection Agency (EPA) received on September 2, 2025, and with financing package now in place, it is now positioned to make a Final Investment Decision (FID) on the project later this month. GMIN said the FID will outline the forecasted initial capital cost, investment incurred to date, and remaining expenditures through to completion.

The five-year permit the company received for the Oko West project is valid through July 2030. It authorises the construction and operation of Oko West, which is expected to create an average of 1,270 direct permanent jobs during its lifetime. The feasibility study for Oko West outlines a long-life, low cost, and high-margin operation. The company had said that the Oko West project is targeting an average annual production of 350,000 ounces of gold over a 12.3-year mine life. Gold production at Oko West is slated to commence by 2027.

Discover more from Kaieteur News

Subscribe to get the latest posts sent to your email.

G Mining Ventures Corp, GMIN, gold, Mining, Oko West Mine

Latest News