Budget 2026 brings cost relief for miners – GGDMA

…predicts stronger gold output

The Guyana Gold and Diamond Miners Association (GGDMA) has welcomed the 2026 National Budget presented by Senior Minister in the Office of the President with responsibility for Finance Dr Ashni Singh, citing measures aimed at reducing operating costs, supporting production and advancing the modernisation of the mining sector. In a statement, the Association noted the strong performance of the sector in 2025, with gold production increasing by an estimated 11.6 per cent and total declarations reaching 484,321 ounces.

While large-scale operators accounted for much of the growth with a 15.5 per cent increase, declarations to the Guyana Gold Board (GGB) also rose by 45.6 per cent. The GGDMA attributed improved declarations in part to strengthened compliance and enforcement, which it said has helped sustain the sector’s contribution to national development. The Association highlighted several measures in Budget 2026 that it said will directly benefit miners across the country. Among them is the removal of all import duties and taxes on All-Terrain Vehicles (ATVs), which is expected to ease transportation challenges and reduce costs for operations in difficult terrain.

Tax relief on outboard engines up to 150 horsepower was also welcomed, as river transport remains critical for many mining activities. In addition, the GGDMA praised the introduction of a simplified flat tax regime for double-cab pickups. Under the new system, pickups with engine capacity below 2,000 cc will attract a flat tax of $2 million, while those between 2,000 cc and 2,500 cc will be subject to a flat tax of $3 million, regardless of vehicle age. The Association said the measure brings clarity and predictability to vehicle importation costs and supports miners who rely on these vehicles for transporting personnel, tools, and supplies. The GGDMA also underscored the importance of the Government’s decision to maintain a zero per cent excise tax on petroleum products, noting that fuel remains one of the largest operating expenses in the sector. Investments in hinterland infrastructure were another key area of support.

The Association welcomed the allocation of $10 billion to begin works on hinterland roads in areas including Achiwib, Kaburi, and Karisparu, describing improved road access as essential for safer and more efficient movement of equipment and personnel.
Continued investment in hinterland airstrips was also praised. The GGDMA pointed to works at airstrips in Aishalton, Kaieteur, Karisparu, Kwakwani and Paramakatoi, as well as ongoing projects at Ekereku Bottom, Jawalla, Kaikan and Matthew’s Ridge. It also noted that an additional $4 billion has been identified for 2026 to complete existing projects and begin upgrades at other locations, including Mahdia and Linden. The Association reiterated its support for Government efforts to formalise the gold sector and improve traceability. It said measures such as mandatory local bank accounts, updated personal records for miners and the recently launched mineral mapping initiative are important steps toward a more transparent and efficient industry. With gold declarations projected to reach 510,450 ounces in 2026 and the gold mining subsector expected to expand by 5.4 per cent, the GGDMA encouraged miners to take advantage of the incentives outlined in the budget. The Association said continued cooperation, improved compliance and efforts to reduce leakages will be key to achieving these targets. The GGDMA affirmed its commitment to working closely with the Ministry of Natural Resources and the Guyana Geology and Mines Commission (GGMC) to ensure that the measures in Budget 2026 deliver lasting benefits for the mining sector and the wider economy.