Latest update June 1st, 2026 12:37 AM
Alphonso family JV deals hand foreign firms control of over 600 sq. kilometers of Guyana gold lands
– one project alone targets five million ounces of gold
(Kaieteur News) – Through a series of joint venture agreements, the Alphonso family has facilitated foreign mining companies gaining control of more than 600 square kilometres (km²) of gold-bearing lands in Guyana.
The arrangements involve the 5.4 million ounces Toroparu Gold Project and the Greater Oko Gold Project, which together account for approximately 634 km² of mining lands in Region Seven (Cuyuni-Mazaruni).
Andron Alphonso of Adamantium Holdings
Most recently, Australian-listed Altair Minerals Limited secured an agreement to acquire up to 70% of the Greater Oko Gold Project which is 590 km² contiguous mining lands. The company had disclosed that after nine months of negotiations, it was able to enter into a binding heads of agreement in August 2025, with Adamantium Exploration Inc., a company owned by the Alphonso family. Adamantium Exploration Inc. is part of Adamantium Holdings, conglomerate which is involved in mining, construction, agriculture, real estate, and petroleum production support.
According to Altair, the Greater Oko Project, which is in an advanced exploration stage, is considered the largest gold exploration in Guyana and in the Guiana Shield. The company also spotlighted that Greater Oko is twice the combined size of every active gold project in Guyana.
Altair in its disclosure said the agreement caters for the expansion of up to 3,500 km² of mining lands, positioning the company as the “most dominant explorer” in Guyana. The company also stated that the strategic acquisition positions the company as a leading explorer in the Guiana Shield, adjacent to nearly nine million ounces of recent high-grade discoveries.
Altair has boasted that its 590 km² contiguous landholding agreement cannot be replicated in Guyana. It highlighted that mining permits held by locals mostly range from 0.5 to 5 km², thereby creating barriers and creating an exhaustive and impractical process to negotiate with countless individual citizens.
The landholding consists of four advanced targets: South Oko (Soko), North Peters (NP), Old Granny (OG) and Kmung (KM). Altair’s initial exploration work is focusing on Soko and NP.
Toroparu deposit
Notably, Chief Executive Officer (CEO) of Altair Minerals Limited, Faheem Ahmed has noted that the Greater Oko Project has the potential to be a “company maker” for Altair.
Similarly, the Toroparu deposit is located on property that was originally subject to a Mining Joint Venture Agreement between Mr. Alfro Alphonso and Mr. Gregory K. Graham, effective August 1, 1999. This arrangement, initially called the Upper Puruni Venture, was later amended and restated on January 1, 2008, through an agreement between Mr. Alphonso and ETK Inc. – referred to as the A&R Joint Venture Agreement.
ETK is a subsidiary of Canada-based Aris Mining Corporation.
According to an October 2025 report, in March 2020, ETK exercised its option under that agreement and acquired the Option Interest, paying US$20 million to finalise the purchase and extinguish its obligations to make further payments under the A&R agreement. Meanwhile, Alphonso retained rights to conduct alluvial mining on specific lands not tied to the Toroparu Project, along with access to certain roads and an airstrip built by ETK.
As part of that transaction, Alphonso issued a written affirmation and declaration of trust, acknowledging that he holds all lands and permits under the A&R Joint Venture in trust for ETK, pending the conversion of the small-scale licenses into large-scale mining licenses.
The Toroparu Project located in Region Seven, is one of the largest undeveloped gold deposits in Guyana. This project is expected to produce an average of 235,000 ounces of gold per year over more than two decades, yielding approximately five million ounces of gold, 4.9 million ounces of silver, and 260 million pounds of copper over its mine life.
The company has already begun pre-construction activities at the site, including the construction of a bridge at the Puruni River crossing and ongoing road works to improve access to the project. The Toroparu prefeasibility study is expected to be completed this year, as the company positions for a potential construction decision by early 2027.
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