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A brief history of gold mining in Guyana – An emerging gold district  

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The greenstone belts of the Guiana Shield are relatively underexplored compared to the analogous regions of the West African Shield (Birimian), partially due to lack of accessibility, vegetation cover and low exploration intensity. However, despite the limited amount of capital and effort that has been invested into developing commercial gold operations in the country, Guyana has a long history of alluvial gold production. In addition, significant large-scale projects have emerged, including

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• Omai (Cambior/Golden Star) 3.7 M ounces produced;

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• Aurora (Guyana Goldfields, now Zijin Mining): Estimated measured and Indicated Mineral Resources total 37.6 million tonnes grading 3.15 g/t Au and containing 3.82 million ounces of gold. In addition, estimated Inferred Mineral Resources total 25.9 million tonnes grading 2.28 g/t Au and contain 1.90 million ounces of gold (Technical Report on the Aurora Gold Mine, Guyana  dated March  31,  2020)

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• Toroparu (Aris Mining Corp.) :  Measured and indicated resource estimate of 5.4 million ounces of gold and 118 thousand tonnes of copper and an inferred resource estimate of 1.2 million ounces of gold (March 14, 2023 news release).

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Guyana - An established mining jurisdiction

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Guyana has a population of approximately 770,000 people and is the only English-speaking nation in South America. The country is part of the British Commonwealth and is ruled by a democratically elected government.

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Mining has long been a primary economic driver for Guyana, and a long history of bauxite, gold, and diamond production has helped to shape a well-defined mineral title and taxation system. The government remains committed to promoting mining investment and development in the country.

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Guyana is projected to remain a favourable jurisdiction for gold mining as a result of:

 

• A Westminster-style parliamentary democracy.

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• A government committed to a free-market model for economic development and the promotion of foreign direct investment.

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• English language and legislation based on British law.

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• A stable Mining Act and full government support of the mining sector. Mining in Guyana is managed by the Geology and Mines Commission (GGMC) under the Mining Act of 1989. The GGMC has been established for over 40 years, providing support and research services to the mining industry, and administrating licenses, permits and concessions.

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• Extractive industries contribute a significant percentage of GDP (15.4% in 2016 according to the Guyana Office for Investment).

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• The discovery of large oil reserves offshore is expected to provide a significant boost to the Guyana economy

 

 

 Project Development in Guyana – A bright future.

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Guyana’s commitment to the gold sector (and extractive industries in general) has resulted in several recent positive developments, along with a growing presence of gold exploration and development projects in the country:

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• 2019 is projected to be a record-breaking year for gold production (source: GGMC), averaging 55,000 ounces per month so far.

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• Guyana currently boasts three bauxite operations (First Bauxite, Bosai Minerals and Rusal)

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• ​​Notable mineral exploration and development companies currently operating in Guyana now include:

 

• Reunion Gold 

• Golden Shield Resources

• Gran Columbia Gold

• Goldsource Mines

• Guyana Gold strike

• G2 Goldfields

• Omai Gold Mines Corp.

• Zijin Mining

 

• Exxon Oil Discovery: In 2017, Exxon announced a series of offshore oil discoveries in the Stabroek Block. The gross recoverable resource for the block is now estimated to be more than six billion barrels of oil equivalent. The first phase of production is expected in early 2020, and Exxon are projecting more than 750,000 boe/d of production from offshore Guyana by 2025. Spending related to infrastructure development and services is likely to accelerate over the next 12 months.