Gold revenue increased by US$181 million in 2024

Guyana’s gold production revenue saw a significant increase in 2024, driven in large by government’s efforts to deploy advanced technologies to boost operations.  

While production of gold itself saw a modest rise – from 432,113 ounces in 2023 to 434,067 ounces in 2024 – the Minister of Natural Resources, Vickram Bharrat, told a press briefing on Tuesday that the total gold revenue for the year 2024 was an impressive US$989.9 million.

The minister said that the revenue growth spells out the sector’s importance to the country’s economy.

“I believe this is an encouraging sign for the sector and for the stakeholders, so much so that we are seeing now that a number of key stakeholders are expanding or restarting their mining operations, and they are also new players entering the sector,” Minister Bharrat said.  

He explained that in 2025 the government will continue to work with small and medium-scale miners to increase their recovery rate.

Large-scale producers have significantly increased production, with some achieving almost 95 per cent recovery rate, according to the minister.

However, local miners have struggled with a 40 to 45 per cent recovery rate, which the government believes can be improved with the right types of investments.

Several new areas have been allocated through lotteries in key mining districts in Regions One, Seven and Eight. This has empowered some 500 small miners with access to concessions of their in 2024.

“Those miners will soon go into operation,” Minister Bharrat added.

The Guyana Geology and Mines Commission (GGMC) has also been tasked with improving its monitoring system in order to boost production and eradicate illegal mining practices.