Guyana’s gold declarations up by 50,254 ounces in 2025

Jan 28, 2026 News

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…as Govt. targets 510,450 oz. in 2026

By Renay Sambach

(Kaieteur News) – Guyana’s gold sector posted strong growth in 2025, recording an 11.6 percent increase in declared production, with total output climbing to 484,321 ounces—an increase of 50,254 ounces over the previous year.

The Government is now targeting an even bigger haul in 2026, projecting declarations of 510,450 ounces as mining activity accelerates across all operator categories. The projections were outlined in the 2026 National Budget presented on Monday by Senior Minister with responsibility for Finance, Dr. Ashni Singh.

The minister stated that while declarations from licensed dealerships declined by 21.5 percent to 121,883 ounces, declarations from the country’s lone large-scale operator, Zijin Mining Group Co. Ltd, operating through its subsidiary Aurora Gold Mine (AGM) rose by 15.5 percent to 167,005 ounces.

Last year, this publication reported that AGM Inc. earned RMB1.4789 billion (over US$200 million) from the Aurora Gold Mine during the first half of 2025, with the company’s interim report valuing the mine’s total assets at RMB4.5287 billion.

In 2024, AGM had reported a 32.3 percent increase in declarations reaching 144,593 ounces of gold produced. In 2023, the company reported a 7.8 percent increase in declarations to 109,358.4 ounces.

As it relates to declarations to the Guyana Gold Board (GGB), Dr. Singh said these increased by 45.6 percent to 195,432 ounces. “Importantly, improved gold declarations have been supported by a tougher compliance and enforcement environment in the sector,” the minister outlined.

For 2026, the gold sector is projected to expand by 5.4 percent. Dr. Singh also noted that non-oil exports are expected to increase by 8.6 percent to US$2.5 billion, driven mainly by higher export earnings from gold and bauxite due to increased output and favourable prices.

Foreign mining investment

During his presentation, Dr. Singh highlighted that the gold sector has attracted significant foreign investor interest over the years, bringing foreign direct investment (FDI), modern technology, export earnings and employment opportunities. He also pointed to AGM, which surpassed its production target in 2025 and is expected to grow further in 2026, supported by ongoing underground mine development.

Further, the minister outlined four major gold projects in the pipeline, all controlled by Canadian companies – the Oko West, Oko, Toroparu (5 million ounces) and Omai gold projects – which together hold an estimated 14.6 million ounces of gold.

“Taken together, these developments indicate clearly that the large-scale subsector is poised for a takeoff in the medium term,” the minister said.

Oko West – G Mining Ventures

Canadian gold producer G Mining Ventures Corp. (GMIN) is the 100-percent owner of the Oko West Gold Project, which is expected to produce 4.3 million ounces of gold over a 12.3-year mine life, with average annual production of 350,000 ounces.

In December, GMIN secured its final regulatory milestone for the project after receiving a 20-year mining licence from the Guyana Geology and Mines Commission (GGMC). The licence, which took effect on December 5, 2025, authorises full development, operation and commercial production at the Region Seven (Cuyuni-Mazaruni) site.

Pre-production open-pit mining is scheduled to commence in the first quarter of 2026, with assembly of the initial mining fleet already underway. Commercial production is expected in 2027.

Oko – G2 Goldfields

Canadian miner G2 Goldfields Inc. is targeting approximately 3.2 million ounces of gold from its Oko Gold Project, with average annual output projected at about 281,000 ounces during peak years.

The projections are contained in the company’s maiden Preliminary Economic Assessment (PEA), released last month, which outlines a combined open-pit and underground operation with a 14-year mine life. The assessment is supported by an updated mineral resource of 1.6 million ounces of gold in the Indicated category and 1.9 million ounces in the Inferred category. Project start-up is currently targeted for 2029.

Toroparu – Aris Mining

The 5.4-million-ounce Toroparu Gold Project is being developed by Canadian miner Aris Mining Corporation through its local subsidiary, ETK Inc.

As previously reported by Kaieteur News, Toroparu is expected to produce an average of 235,000 ounces of gold per year over a mine life exceeding 20 years, yielding roughly five million ounces of gold, along with silver and copper by-products.

Aris Mining has applied to the GGMC and the Minister of Natural Resources to convert its small-scale claim licences, mining permits and prospecting permits into large-scale mining licences. The company had also disclosed that the project’s environmental permit was renewed in October 2024 and will remain valid until September 2029.

Omai Gold Mine – Avalon

Canadian miner Omai Gold Mines Corp. subsidiary, Avalon Gold Exploration Inc. is the 100-percent owner of the Omai Gold Project in Region Seven.

The company has embarked on an aggressive drilling campaign to rapidly expand the two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit. The latest resources estimate for the past-producing mine pegs it at 2.1 million ounces of gold. Last month, the company applied for environmental authorisation for the gold project.

Once a prolific gold producer from 1993 to 2005, the mine yielded 3.8 million ounces of gold, producing an average of more than 300,000 ounces of gold per year during a period when gold traded below US$400 per ounce. Since its return to “mining-friendly” Guyana, Omai has revitalised the property, which benefits from much existing infrastructure.

Compliance measures and 2026 outlook

In his presentation, Minister Singh also noted that government is continuing efforts to formalise the small and medium-scale mining sector, improve traceability and reward compliance.

He outlined recent moves by the authorities including the mandatory local bank account requirements and compulsory updates of personal records for all miners and stakeholders. Dr. Singh said this is combined with measures to curb unlawful practices that weaken declarations, and intensify audits across declarants.

Minister Singh outlined too that government is also investing in systems that help to modernise oversight and unlock new opportunities in the sector, such as the high-tech mineral mapping project launched late last year.

Notably, in support of strengthened industry regulation, during 2025 the GGB conducted mobile purchasing in Lethem, Marudi and Mahdia which resulted in two permanent operations in place at the end of 2025. Three new mobile purchasing locations are expected to be in place before the first half of 2026 in Puruni, Karuni and Olive Creek.  The minister also stated that there will be increased monitoring of traders will ensure licensees adhere to location specific regulations in their operations. According to Dr. Singh, combined, all of these measures are expected to reduce leakages and improve declarations in 2026.

“The sector continues to be an important driver of job creation and opportunities across the country. The gold mining sector provided more than 20,000 direct jobs in 2025, compared with 13,681 employed in 2020. Every new operation, every new licence, every new piece of equipment, every new prospect brought into operation translates into more Guyanese working and earning,” the minister added.

He said too that with ongoing improvements across the sector, gold mining is expected to remain a major anchor of Guyana’s non-oil economy over the next five years and beyond.

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• Ashni Singh, declarations, gold, Oko West, Oko West Gold Project, Omai Gold Mine

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