‘Let’s refine our gold at home’ – Pres. Ali

‘Let’s refine our gold at home’ – Pres. Ali Oct 18, 2025 News …pushes gold refining revolution, invites Canadian backing (Kaieteur News) – With five Canadian mining companies collectively controlling an estimated 15.5 million ounces of gold across various stages of development in Guyana and these projects expected to come onstream before the end of the decade, President Irfaan Ali is hoping that the future entails less gold leaving Guyana’s shore unrefined. He urged Canadian investors to partner with Guyana in advancing value-added production in the gold industry, noting his vision for a future where the country exports less unrefined gold and more refined, branded luxury products. The head-of-state made the appeal on Thursday evening while addressing the Canada-Guyana Chamber of Commerce’s Maple Leaf Gala 2025 held in Georgetown. “You must look towards a future in where less gold leaves our shores unrefined, and more leaves as refined gold crafted jewelry and branded luxury goods. And we can do this together, especially given the fact that the next two developments are heavily influenced by Canadian investment,” President Ali stated. He pointed out that Guyana’s current trade relationship with Canada, valued at approximately C$272.7 million in 2023, remains largely commodity-based, with gold dominating the country’s exports. Ali said that Canadian exports to Guyana totaled C$59.1 million, while imports from Guyana stood at C$213.5 million. President Ali noted that this structure where Canada supplies technology and machinery, and Guyana exports raw minerals must evolve. “If there is one clear message in these numbers, it is that Guyana must move from being a supplier of raw materials to being a producer and exporter of refined and high-value goods,” he said. Ali stressed that countries dependent on unprocessed commodity exports remain vulnerable to global price swings and external shocks, something that Guyana has experienced in the past. He underscored that value addition and industrial processing are key to sustainable development. “The path to sustainable development runs through value addition and industrial processing in the global marketplace…if we are to secure the gains of our new era of growth, one driven by oil and gas and a reenergized productive sector, then we must ensure that our trade relations evolve beyond the simple exchange of unprocessed goods for imported machinery,” he said. He further, highlighted the potential of the partnership, especially that Canada’s world-class expertise in mining, technology, clean energy, and manufacturing can complement Guyana’s growing opportunities. “Guyana, in turn, is a frontier of opportunity. We have vast natural resources, a youthful population and a government committed to modernization and diversification,” he said. The Canadian companies operating in Guyana’s mining regions, are progressing through exploration, feasibility studies, and permitting. Many of the companies have praised Guyana’s mining-friendly policies and are banking on these projects to drive substantial growth for their shareholders. Aris Mining – Toroparu Project Aris Mining controls the Toroparu Gold Project located in Guyana’s Region Seven, Cuyuni-Mazaruni district which boast 5.4 million ounces of gold placing it among the largest undeveloped gold projects in the region. Aris Mining owns the project entirely through its subsidiary, ETK Inc. The company is currently conducting a new Preliminary Economic Assessment (PEA) for the project, which is expected to be completed in the third quarter of 2025. The Toroparu gold project is an exploration-stage open pit gold project. The Aris Mining team had confirmed that Toroparu is a large-scale gold-copper deposit with an updated 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. With key infrastructure for the project, including a camp, airstrip, and site roads, already in place, Aris Mining is now reviewing its development strategy, hinting at possible shifts in how it will advance the site amid intensifying activities in Guyana’s gold sector. Notably, a 2011 mineral agreement with the Government of Guyana established a tiered gold royalty of 5% for prices up to US$1,000 per ounce and 8% above that, plus a 1.5% royalty on other minerals. ETK has also negotiated an investment agreement with GO-Invest for tax exemptions on project-related imports. G Mining Ventures (GMIN) – Oko West Gold Project G Mining Ventures (GMIN) is the 100 percent owner of the Oko West Gold Mine which is estimated to hold 5.4 million ounces of gold located in Region Seven (Cuyuni-Mazaruni). Earlier this year, GMIN received an interim permit which allowed it to start early construction. The main prospecting licence (PL) covering 44 square kilometers (10,890 acres). However, GMIN later revealed that it expanded its land holdings in Region Seven to 71 square kilometers. Last month, GMIN received the environmental permit from Guyana’s Environmental Protection Agency (EPA) for the Oko West project. The five-year permit is valid through July 2030. It authorises the construction and operation of Oko West, which is expected to create an average of 1,270 direct permanent jobs during its lifetime. The feasibility study for Oko West outlines a long-life, low cost, and high-margin operation. The company had said that the Oko West project is targeting an average annual production of 350,000 ounces of gold over a 12.3-year mine life. Gold production at Oko West is slated to commence by 2027. GMIN’s President and Chief Executive Officer (CEO), Louis-Pierre Gignac last year said that if gold prices remain high when production commences at Oko West, Guyana could receive corporate taxes. Gignac said that unlike his father’s previous involvement with Omai’s gold project, where the company did not pay corporate taxes to Guyana due to low prices at the time, he is confident that Oko West will benefit from the current high gold prices. As such, he had expressed optimism about paying corporate taxes to the government, contingent on gold prices remaining high. Omai Gold Mines Corp. – Omai Project Omai Gold Mines Corp. recently announced an updated Mineral Resource Estimate (MRE) of 2.1 million ounces for its gold project in Guyana. The company holds a 100% interest in the past-producing Omai gold project in Guyana, located in Region Seven (Cuyuni-Mazaruni). The Omai property hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit. Once a prolific gold producer from 1993 to 2005, the mine yielded 3.8 million ounces of gold during a period when gold traded below US$400/oz. The company has revitalized the property, which benefits from much existing infrastructure and will soon be connected to the two largest cities in Guyana, Georgetown and Linden, via paved roads. Omai is focused on rapidly expanding the two orogenic gold deposits at its 100%-owned Omai Gold Project in “mining-friendly” Guyana. Since 2021, the company has established the Omai Gold Project as one of the fastest-growing and well-endowed gold camps in the prolific Guiana Shield greenstone belt. An April 2024, PEA for the project outlines an open pit-only development scenario. The PEA for the Wenot deposit outlines an open-pit operation producing 1.84 million ounces over a 13-year mine life and annual production is projected to average 142,000 ounces, peaking at 184,000 ounces in the best year. Mako Mining – Eagle Mountain Gold Project Mako Mining is pushing ahead with its Eagle Mountain Gold Project in the Mahdia district, roughly 200 km south-southwest of Georgetown. Acquiring the project through its 2024 takeover of Goldsource Mines Inc., Mako inherited a resource base of nearly 1.2 million ounces (indicated) and 582,000 ounces (inferred). The company plans to submit an Environmental Impact Assessment (EIA) and mining licence application to Guyana’s Environmental Protection Agency by late 2025. Pending approvals, Mako intends to start construction in 2026, with first gold production from Phase 1 targeted for 2027. A feasibility study for Phase 2, which will target deeper fresh rock resources, is also planned. Mako considers Guyana an emerging gold mining jurisdiction, citing a mining-friendly permitting environment and growing foreign investment. G2 Goldfields Inc. – Oko Project In August, G2 Goldfields announced that the Ministry of Natural Resources and Guyana Geology and Mines Commission approved the issuance of two large-scale Prospecting Licences (PL). G2 PL’s includes the company’s high-grade Oko-Ghanie Gold Deposit. The PL encompass the Oko and Ghanie Deposits, 1.5 million ounces indicated and 1.6 million ounces inferred, with a combined area of approximately 17,451 acres and replace 11 separate medium-scale mining permits previously held in the name of Guyanese entrepreneurs through option agreements. Notably, the PL have a three-year term with two renewal rights for one year each and provides for the right of occupation and exclusive right to explore for gold and precious minerals. G2 noted that over the last two years, comprehensive environmental baseline studies have been conducted via third party consultants. The company noted that these studies were designed to recommend actions for effective project design, regulatory compliance and to support the preparation of an Environmental Social Impact Assessment (ESIA). Effective March 1, 2025, G2 disclosed that there was a 60% increase in indicated gold resources, bringing its estimated recoverable gold to 1.5 million ounces, and a 49% increase in inferred resources to 1.6 million ounces. Located within an 83,967-acre property, the Oko Project consists of three main mineralized zones: the high-grade Oko Main Zone (OMZ) in the north, the bulk-tonnage Ghanie Zone in the south, and the more recently identified Oko Northwest Zone. Aris Mining, G Mining Ventures, Gold Mining, invites Canadian backing, Irfaan Ali, Omai Gold Mines, pushes gold refining revolution