Gold mining to maintain place as a major anchor of non-oil economy
-with more investments expected- Dr Singh
Guyana’s gold mining industry is set for significant growth, with both large-scale mining projects and small to medium operations showing strong potential, according to Senior Minister in the Office of the President for Finance, Dr Ashni Singh.
While presenting the 2026 National Budget, Dr Singh highlighted that the gold sector continues to attract substantial foreign investment. This investment brings modern technology, vital export earnings, and thousands of jobs for Guyanese workers.
He mentioned that the only large-scale operator at Aurora surpassed its 2025 production target and is expected to increase output this year as work on the mine’s underground development progresses. Among notable projects, the Oko West Project achieved a key milestone last December by receiving its mining license, the last regulatory requirement for it commence development.
The project, which received formal approval for construction in October 2025, is expected to produce a total of 4.3 million ounces of gold over 12.3 years, averaging 350,000 ounces each year, with first production anticipated in 2027.
Meanwhile, the Oko Project, located north of Oko West, is also gaining traction. Its Preliminary Economic Assessment (PEA), released in December 2025, detailed a combined open-pit and underground operation with an estimated 14-year mine life and total production of 3.2 million ounces.
Annual output is projected at 298,000 ounces, with operations expected to start in 2029. Another large-scale development, Toroparu, is moving forward steadily.
A PEA that was completed in October 2025 indicated a 21.3-year open-pit operation with anticipated annual production of 235,000 ounces. Simultaneously, exploration and drilling continue at Omai, where an updated PEA is expected by the second quarter of 2026.
Dr Singh noted these combined developments are clear signs that the large-scale sector is ready for significant growth in the medium term. In addition to large-scale mining, the government is also increasing efforts to improve governance, transparency, and adherence among small and medium-scale miners.
New measures include mandatory local bank account requirements and compulsory updates of personal records for all miners and stakeholders. Authorities are prioritising audits and enforcement actions to combat illegal practices affecting gold declarations, along with implementing advanced systems, such as the high-tech mineral mapping project launched in late 2025 to enhance oversight and planning.
To further boost performance and ensure fair trade, the Guyana Gold Board (GGB) expanded its operations last year by setting up permanent purchasing facilities in Lethem, Marudi, and Mahdia.
Three new mobile purchasing sites are scheduled to start operating before mid-2026 in Puruni, Karuni, and Olive Creek. Improved monitoring systems are also being put in place to ensure traders comply with licensing and location-specific regulations.
Dr. Singh highlighted that the gold sector remains a key source of jobs and income. The industry offered more than 20,000 direct jobs in 2025, an increase from 13,681 in 2020.
“Every new operation, every new license, every new piece of equipment, every new prospect brought into operation translates into more Guyanese working and earning,” he stated.