Full construction of 5.4M Oko West gold mine commences

Oct 24, 2025 News

…gold production expected by 2027

(Kaieteur News) – Canadian company G Mining Ventures Corp. (GMIN) has announced that its Board of Directors has approved the start of full construction of its 100 percent-owned Oko West Gold Project in Guyana.

This announcement, made on Thursday, follows the completion of the permitting and financing milestones.

Full construction of 5.4M Oko West gold mine commences

Aerial view of the Oko West gold project

President and Chief Executive Officer, Louis-Pierre Gignac said, “The official launch of construction at Oko West marks a major milestone in GMIN’s evolution into an intermediate gold producer.”

He added, “With financing secured, we are advancing this fully permitted, world-class project using the same disciplined, self-perform approach that delivered Tocantinzinho safely, on time and on budget. Oko West will build on that success as the next cornerstone of our growth strategy, with first gold targeted for the second half of 2027.”

The project, located in Region Seven (Cuyuni-Mazaruni), carries an initial capital cost of US$973 million. As of September 30, 2025, detailed engineering was 36 per cent complete. The Oko West gold project is targeting an average annual production of 350,000 ounces of gold over a 12.3-year mine life. The mine is estimated to hold 5.4 million ounces of gold.

Earlier this month, GMIN announced that it secured a whopping US$387.5 million financing package to kickstart development. 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.

Notably, the project employs 710 workers, including 520 employees and 190 contractors, with more than 80 percent being Guyanese nationals. To date, the project recorded 596,551 work hours and one recordable incident, giving a Total Recordable Incident Rate (TRIFR) of 0.33. GMIN also noted it completed a technical training programme in partnership with the Ministry of Labour, benefiting 200 residents from Region Seven.

The Oko West project is fully permitted as of August 29, 2025. GMIN received the environmental permit from Guyana’s Environmental Protection Agency (EPA) on that date. The five-year permit 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.

Notably, the company has also applied for its Mining License from the Guyana Geology and Mines Commission (GGMC), which is expected to be issued by the fourth quarter of this year.

GMIN said it has established a Community Development Committee to guide its social investment initiatives in education, healthcare, and infrastructure within the project area. The company further stated that engineering work is progressing, and confirmed procurement of major equipment, including the power plant from Wärtsilä, open-pit mining equipment from Komatsu, with the first shovel expected to be commissioned in the fourth quarter of 2025 and processing equipment from Metso and FLSmidth.

Further, early construction works are also advancing, with the expansion of the exploration camp to 425 beds, completion of the barge landing satellite camp, and 15 percent of site clearing done. GMIN disclosed that 2,815 cubic metres of concrete have been poured so far, while the coffer dam for the tailings facility has been completed and dam construction is ongoing.

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