Latest update September 28th, 2026 10:20 AM
Canadian court approves US$2.2B takeover Guyana gold project
(Kaieteur News) – The Ontario Superior Court of Justice (Commercial List) has granted the final order in connection to the US$2.2B (C$3 billion) arrangement to consolidate G Mining Ventures (GMIN) and G2 Goldfields Inc. gold projects in Guyana.
GMIN and G2 Goldfields are both Canadian firms that own gold projects in Region Seven (Cuyuni-Mazaruni). Given that the companies trade on the Toronto Stock Exchange (TSX), the arrangement was subject to shareholders and the Canadian court’s approval.
G2’s shareholders last week approved the deal to consolidate the two adjacent gold properties, G2’s Oko-Ghanie project with GMIN’s fully permitted and fully financed Oko West project. The court and the shareholders approved among other things for GMIN to acquire all of the issued and outstanding common shares of G2 and for G2 to complete the spin-out of a new company, G3 Goldfields Inc. – which will hold G2’s remaining properties not included in the acquisition.
Subject to obtaining all required approvals and the satisfaction or waiver of all required conditions, the arrangement is expected to close in July 2026. Following closing of the arrangement, G2 shares are expected to be de-listed from the TSX. G2 is also expected to apply to cease to be a reporting issuer under applicable Canadian securities laws.
The arrangement was first announced in April 2026. GMIN’s President and Chief Executive Officer (CEO) Louis-Pierre Gignac had noted that acquiring G2 enhances the GMIN’s position in Guyana.
The acquisition enables planned production at Oko West to increase the mine’s annual production from 350,000 to reach approximately 500,000 ounces of gold per year over a minimum mine life of 15 years. By itself, the Oko West project is expected to produce about 350,000 ounces of gold annually over a 12.3-year mine life. Meanwhile, according to G2, its Oko-Ghanie gold project average annual output is expected to reach 281,000 ounces annually during the mine’s peak years-with a total production of approximately 3.2 million ounces of gold over the life of mine.
The arrangement to consolidate the projects 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.
During a recent press conference, President Irfaan Ali was asked 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. For his part, 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.
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