Pres. Ali defends foreign firms ‘flipping’ mining claims despite Guyana getting nothing from deals

May 26, 2026 News

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…says country operating under global market standards

(Kaieteur News) – President Irfaan Ali has defended the transfer and sale of Guyana’s mineral properties among foreign mining companies, arguing that such transactions are part of the global mining industry and not unique to Guyana.

At a press conference held at the Office of the President last Friday, this publication asked President Ali whether the growing trend of foreign firms ‘flipping’ large-scale mining assets in Guyana is a concern to his administration, and whether government believes stronger policies are needed to ensure the country benefits directly from those transactions.

In response, President Ali first challenged the premise of the question. “Can you tell me how Guyana is not benefiting, give me one example,” he said. It was then pointed out to the head-of-state that G Mining Ventures Corp. (GMIN) last month announced plans to acquire fellow Canadian miner G2 Goldfields for approximately US$2.2B (C$3 billion). The deal will consolidate the two firms’ adjacent gold projects: G2’s Oko-Ghanie Project and GMIN’s fully permitted and fully financed Oko West Project, into a seven-million-ounce large-scale project controlled by GMIN.

Kaieteur News had reported that the definitive agreement allows GMIN to acquire all of the issued and outstanding shares of G2 pursuant to a court-approved plan of arrangement. In a similar move, GMIN in 2024, added the 4.64-million-ounce Oko West Gold project to its portfolio following a business combination with another Canadian company, Reunion Gold Corp., valued at US$638M (C$875 million). Reunion was the previous owner of the Oko West gold project.

For his part, Ali questioned the reporter about the company’s cost of exploration for the gold project and how much had been invested by the company. “So, tell me, tell me everything. Tell me, what was the cost of the exploration? How much the company spent on exploration, so that they could have gotten the market value of what asset they have, and who carried that cost?” he said.

President Ali outlined that Guyana operates in an international investment environment which allows companies participating in global markets to trade and sell their shares and companies. “They can sell their shares. Of course, we want maximum benefit to come to Guyana. So, tell me about it,” he added.

Ali reminded that Guyana is not unique in seeing mining companies acquire and sell projects after exploration increases the value of the asset. He said, “Guyana is not special in this way.  You go to Canada in the mining sector, some of these very companies are operating there, they do the exploration, they go on the global market, they raise financing, their asset value increase, they sell the shares at higher price, they sell the company.”

President Ali interrogated the part of the question, which suggested that Guyana does not directly benefit when these transactions occur.  He pivoted to the forestry sector, arguing that one of the biggest hindrances for local claim holders was the lack of resources to build infrastructure needed to access mining claims. On the other hand, Ali said foreign investors are often better positioned to develop large-scale projects and that their investments have contributed significantly to the mining sector benefitting locals.

He further stated that during the 2015 to 2020 period, Guyana lost several major players in the sector, which he said severely affected the industry. The head-of-state even questioned the reporter about developments in the forestry sectors under the David Granger administration. “I’m asking you, as a dear friend, are you aware of what took place in the forestry sector between 2015 and 2020 and in the mining sector?” he said.

President Ali went on to paint a gloomy picture of the forestry sector during the David Granger-administration, stating that about 60% of local miners’ assets and equipment were parked because operators could not operate.

Switching back to gold mining, President Ali explained that large-scale mining operations require different levels of exploration and investment. He stressed that foreign companies enter Guyana’s mining industry legitimately to acquire mining lands and develop projects.

However, when pressed on whether his administration believes stronger policies are needed to ensure Guyana benefits directly when large-scale mining properties are sold or transferred among foreign firms, Ali responded, “My dear friend, don’t come with preconceived notion and stick to the text on your phone. Let us have a nice conversation. You see, one of the beautiful things about journalism is it allows you to interact and prosecute in real time.”

President Ali maintained that Guyana operates within the global mining environment and therefore functions under international standards and investment rules.

“We may not be happy with that, but the reality is that you are in an international market, so it’s not a happiness index measuring, it’s a reality of the global system we’re operating in…There are global rules in that environment. There are global standards in that environment. As a country, we have to, we don’t have a choice, when you accept international investor in your country, you may not be happy…but it’s not a happiness index. Policy making is not necessarily happiness index measuring on every issue…” he said.

Over the years, Kaieteur News has spotlighted the growing number of foreign players, particularly Canadian firms operating in the mining industry.

On Monday, this publication reported that 11 Canadian firms are currently advancing gold projects across Guyana’s mining districts, collectively controlling millions of ounces of gold at various stages of development – with some nearing gold production. The article highlights that most of these projects are located in Region Seven, the Cuyuni-Mazaruni Mining District, a region recognised for its significant gold potential. For five of the 11 companies, the Proven and Probable Reserves and indicated Mineral Resource Estimate (MRE) amount to 15.7 million ounces of gold. The remaining companies are still in the exploration stage and have not reached the point of announcing resource estimates.

Like GMIN, some of the other Canadian companies acquired their Guyana properties through takeovers or mergers involving junior foreign and, in some instances, local mining firms that previously controlled the assets. Back in 2024, Vice President Bharrat Jagdeo was questioned on GMIN’s US-multimillion business combination with Reunion Gold, where he stated that ‘flipping’ is not unusual in the mining sector and is something government cannot prevent.

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• Dr. Irfaan Ali, flipping mining, GMIN, Gold Mining, Guyana Gold, Oko West project

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