Govt eyes pushing gold production to 1 million ounces by 2030 – Pres Ali

– as 3 large-scale mining companies continue rollout of plans

The People’s Progressive Party/Civic (PPP/C) has its eyes set on pushing the local mining sector to dizzying heights, with President Dr Irfaan Ali recently revealing that his administration is looking to have gold production reach over 1 million ounces by 2030.

President Ali was at the time delivering an address to Parliament, where he noted that both the gold and bauxite sectors were transforming his government. In the case of gold, he explained that there are already three gold companies that have announced plans and even started exploring for gold.
“Three large-scale, gold mining companies have announced plans and currently have development that will propel gold production to a million ounces by 2030. Significant investments have been made in exploration by these companies,” President Ali said.
He explained that based on the medium- and long-term plans for the gold sector for 2025 and beyond, they had aimed to attract at least three large-scale mining companies by 2030 and reach the one million ounces milestone. Further, he explained that ensuring the mining sector grows in keeping with the Low Carbon Development Strategy (LCDS) 2030 remains a priority.
“Looking ahead, the medium- and long-term plan for 2025 and beyond outlines an ambitious vision for sustainable growth in the mining sector, closely aligned with the LCDs 2030. A key priority is the completion of a multi-year mineral mapping initiative, aimed at supporting low-impact mining and improving planning in mineral-rich areas,” President Ali further explained.
This is compared to the mining sector which had almost collapsed by the time the PPP/C government entered office in 2020. This was due to mismanagement under the former A Partnership for National Unity/Alliance For Change (APNU/AFC) government. This collapse was witnessed not only in the gold mining sector but in bauxite as well.
“We inherited a mining sector that virtually collapsed under the previous administration. From 2020 to 2024 the mining sector in Guyana underwent transformative changes that not only revitalized the industry but also significantly benefited miners and the broader economy.”
“The quarrying and other mining sectors, which struggled under the previous administration, also registered significant growth over the last four years. These sectors Experienced GDP (Gross Domestic Product) growth of 255.3% between 2020 and 2023,” the Head of State said.
The President revealed that since 2020, there have been 21 new quarry licenses issued. According to him, this is reflective of the government’s foresight, the growing interest in quarry operations and the demand for construction material.
He added that China-based Bosai Minerals Group Guyana Inc. (BMGG) is also set to expand its production in 2024, alongside an anticipated growth in stone quarry operations. This is expected to produce 4.3 million tonnes of materials annually.
“You have seen between 2015 and 2019, production in the Bauxite sector, which contracted by 61.9% resulting in a 50% reduction in the labour force, yes, 50% of reduction of reduction in the labour force in bauxite in region 10, between 2015 and 2019.”
“Today, with sound policies, we have seen expanded investment in the bauxite industry of more than US$120 million, resulting in the creation of 500 jobs since we assumed office in Region 10,” President Ali added.
In addition to Omai, other large-scale foreign gold companies operating in Guyana are Goldsource Mines Inc which operates the Eagle Mountain Prospecting license in Region Eight (Potaro/Siparuni), Reunion Gold which operates the Oko West gold project and Romanex Guyana Exploration Ltd (RGEL) which operates the Marudi Mountain Mining license in Region Nine (Upper Takatu/Upper Essequibo).
The government has meanwhile also been taking a hands-on approach to ensure that more mining blocks are made available for small and medium-scale miners. In addition to assuring miners that more mining areas will be opened up, there have also been lotteries aimed specifically at small and medium-scale miners.
Back in April, the Ministry of Natural Resources in collaboration with the Guyana Geology and Mines Commission (GGMC) hosted a lottery in Bartica which saw the distribution of 150 mining blocks. Additionally, in June, 200 Blocks were distributed in Mahdia.
Then there is the abandoned Troy Resource mining pit at Karouni, Region Seven (Cuyuni-Mazaruni). Since the Australian-based mining company halted operations here last year, the Guyana Government had taken over ownership of the abandoned mining property.
They have since issued approximately 112 mining permits to small operators to mine around the area while reserving the main pit for a large-scale investor. (G-3)