‘Locals must grasp supply opportunities’ – Dr. Singh

Jun 04, 2026 News

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…as 3 foreign gold companies push ahead with large-scale projects

(Kaieteur News) – Senior Minister with responsibility for Finance, Dr. Ashni Singh, has urged local suppliers to position themselves to benefit from opportunities expected when foreign companies’ large-scale gold projects in Guyana come onstream.

The finance minister made the call during his address at the Local Content Summit, held at Four Points by Sheraton, Houston, Heroes Highway, East Bank Demerara on Tuesday.

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

During his address, Dr. Singh noted that there is a conversation to be had on what is happening in the non-oil economy. “Of course, a lot is known about what’s happening in oil and gas. But we have now at least three companies who are looking at realistic prospects for building out a large-scale gold mine, one of which promises to be one of the largest gold mines in South America,” he noted.

The minister outlined that local businesses that have built their capacity to provide goods and services to ExxonMobil Guyana Limited (EMGL), the operator of the Stabroek Block, is set to benefit from opportunities that will be available in the gold mining industry.

He stressed that companies servicing EMGL are not limited to supplying that company alone and encouraged businesses to actively pursue emerging opportunities. Dr. Singh said, “Our ask of you is to ensure that you make the effort, seek out the opportunities that are available. That you ready yourself to convert those opportunities. We can’t do that for you. You have to consider where you think you can best position yourselves. That, of course, is a function not only of the opportunities that are available, but is also a function of your interests and your capabilities and your competitive advantage.”

He emphasized that substantial opportunities are expected not only in gold mining but across the broader mining sector.

“We didn’t get here by accident. We got here on the strength of clarity, of vision by our president. We got here by President Irfaan Ali’s government putting in place the right policy framework…prosperity will not be achieved or realized magically or spontaneously, and will not be realized without sound policy,” he noted.

Moreover, he reassured the attendees of the government’s commitment to maintaining a favourable investment climate. He said, “We will continue to maintain that framework and constantly see ways to further create and expand and colonize that framework. You have that commitment from us.”

Over the years, Guyana’s mineral wealth and “mining-friendly jurisdiction” has attracted significant foreign investment, leading to almost a dozen Canadian companies engaged in gold mining here.

Below are a few of the foreign companies that are nearing gold production.

Omai Gold Mines Corp. – Omai Project

Since its return to Guyana’s mining sector in 2020, Omai Gold Mines Corp. through its subsidiary Avalon Gold Exploration Inc., has identified 2.5 million ounces of gold at the historic Omai Gold project.

Omai holds 100% interest in the project located in Region Seven. The property hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusion-hosted Gilt Deposit.

In April 2026, the company announced an updated Mineral Resources Estimate (MRE) for the overall gold project showing 400,000 ounces increase above the August 2025 MRE. Overall, Omai’s updated MRE estimates 2,495,000 ounces of gold in the indicated category and 5,465,000 ounces in the inferred category.

“Inferred Resource” is one that is based on limited sampling and is based on reasonably assumed, but limited information, while an “Indicated Resource” is a Resource whose quantity, grade (quality), shape, size and continuity can be more confidently reported.

Omai is now engaged in a 50,000-meter drill programme at the Wenot deposit focusing on testing the limits of the deposit and to convert the large Inferred MRE to Indicated MRE.

G Mining Ventures (GMIN) & G2 Goldfields Inc. – Oko Gold projects

G Mining Ventures Corp. (GMIN) is currently in the process of acquiring G2 Goldfields, to combine the companies’ adjacent gold projects in Region Seven mining district.

On April 9, G2 entered into a definitive agreement with GMIN, valued at approximately US$2.2 billion (C$3 billion).

The transaction will consolidate the two adjacent gold projects in Guyana: G2’s Oko-Ghanie Project and GMIN’s fully permitted and fully financed Oko West Project.

Acquiring G2 will bring the Combined Measured & Indicated Mineral Resources of 7.0 million ounces and Inferred Mineral Resources of 2.3 million ounces. The deal will also expand GMIN’s footprint in Guyana by 293 square kilometers (km²), creating a combined contiguous land package of over 362 km².Gold investment guide

GMIN’s Oko West project is estimated to hold 4.64 million ounces of proven and probable reserves. The project is expected to produce about 350,000 ounces of gold annually over a 12.3-year mine life. G2’s Preliminary Economic Assessment (PEA) released last year, outlines a combined open pit and underground operation with a 14-year mine life and estimate total production of 3.2 million ounces gold. Annual production is projected to average 298,000 ounces during years 3 through 10.

The deal is expected to close in June 2026, subject to shareholder and court approvals. Meanwhile, the targeted timeline for first gold production at Oko West is set for the second half of 2027.

Mako Mining – Eagle Mountain Gold Project

Earlier this year, Mako Mining Corp. through its subsidiary Stronghold Guyana Inc. submitted to the Environmental Protection Agency (EPA), its Environmental Impact Assessment (EIA) for the Eagle Mountain Gold Project, which is located about eight kilometres south of Mahdia in Region Eight (Potaro-Siparuni).

Mako acquired the project through its 2024 takeover of Goldsource Mines Inc., inheriting a resource base of nearly 1.2 million ounces of gold (indicated) and 582,000 ounces (inferred).

The Eagle Mountain Gold Project is in the advanced-stage gold exploration stage and is planned for an open pit gold mine over a 15-year period.

Stronghold Guyana holds a prospecting licence on the Eagle Mountain Property, referred to as the Eagle Mountain Prospecting Licence (EMPL) totalling 48 km².

According to the EIA, the company will rely on up to six flights per week to support operations. Gold doré bars produced at the project’s processing plant will be transported by air either from the Mahdia airstrip or from the project site to Georgetown. From there, it is expected that the doré will be exported to foreign refineries pursuant to standard terms and conditions of Mineral Agreements with the Government of Guyana.

Mako Mining had disclosed that gold production at the Eagle Mountain project will commence in 2027.

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• G2 Goldfields Inc., GMIN, Mako Mining, Omai Gold Mines Corp

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