Guyana to set up mining company to give Guyanese stake in large-scale gold opportunities

…small, medium & large-scale miners to benefit – Pres Ali

In a move to drive financial inclusion among citizens, President Dr Irfaan Ali has unveiled plans for the establishment of a national mining company to take up large-scale opportunities in Guyana.
He made this announcement on Friday at the opening of the Citizens Bank Guyana Inc’s new branch in the mining town of Bartica, Region Seven (Cuyuni-Mazaruni).
According to the Head of State, this national mining company will see the inclusion of small, medium and large Guyanese miners.
“We’re going to come together, create a consortium, buy the best technology, do all of the technical work and move towards creating a world-class mining company owned by Guyanese, built by Guyanese, in which every citizen [within the mining sector is involved],” Ali stated.
This, the President explained, will broaden financial participation and access to various mechanisms for many Guyanese, thus enabling financial inclusion at every level. He added that it will also ensure that Guyanese retain ownership of the opportunities within the local mining sector.
“Instead of having large miners from around the world taking up the large-scale opportunity, we’re going to come together…[and develop the] national mining company that involves all of the large, medium, small-sized miners and every Guyanese family,” he stated.
For years, foreign companies from around the world have been coming to Guyana and taking up large-scale mining.
In Region Seven – one of the country’s main mining districts – Aurora Gold Mine (AGM) Inc, which is the only large-scale operating gold mine in Guyana, has been acquired by China-based Zijin Mining.
Across the Cuyuni-Mazaruni region, there are currently some 2524 active mining properties. In 2025, small- and medium-sized miners declared approximately 94,000 ounces of gold. This is in addition to the 165,000-ounce declaration made by the Chinese-owned large-scale gold operator.
Currently, the Oko West Gold Project in Region Seven is being built out by a Canadian-based gold mining company, G Mining Ventures (GMIN). The Oko West Gold Project is currently in its construction phase, with the company aiming to complete these works by the third quarter of 2027 before transitioning into full-scale operations with a production target of 350,000 ounces of gold annually.
However, the introduction of the national mining company in Guyana could see local stakeholders being actively involved in similar large-scale operations.

Local consortium for large-scale operations
Previously, the Guyana Government had approached the Guyana Gold and Diamond Miners Association (GGDMA) for them to explore putting together a local consortium to take over the abandoned Troy Resources large-scale operations in Region Seven (Cuyuni-Mazaruni).
The Australian-based mining company had ceased operations here in 2023, and the Government subsequently terminated their licence, taking over ownership of the abandoned mining property.
With the closure of the Troy Resources operation, a portion of the previously licensed area was subdivided into 27-acre parcels and allocated to local small miners under a structured arrangement. Nearly 100 small miners are currently operating in that area.
The Natural Resources Ministry had planned to extend a similar model in Regions One (Barima-Waini) and Eight (Potaro-Siparuni). The intention is to make at least 75 parcels available in these regions, totalling approximately 225 allocations for small Guyanese miners.
Importantly, the parcel size will increase from 27 acres to 50 acres per miner. Beneficiaries will retain the option to relinquish their allocation once mined out and apply for another 50-acre parcel.

Wider transformation underway
Meanwhile, President Ali on Friday linked this proposed national mining company to a wider transformation underway in Guyana’s financial architecture aimed at increasing public participation in investment opportunities and strengthening financial access across communities.
Among the initiatives under consideration are the development of a junior stock exchange, the launch of a Guyana Development Bank, investment opportunities linked to agriculture, infrastructure and industrial projects, and closer integration between Government and commercial banks.
President Ali said the Government has been working closely with the banking sector over the past year to create systems that support broader financial participation.
He further underscored that financial inclusion goes beyond access to banking and must create pathways for citizens to invest, build wealth and participate directly in national development.
“Financial independence is not only financial access; it is the independence to invest in your own idea, support your own idea and embrace your own idea,” he told the gathering at Friday’s opening of the Citizens Bank branch in Bartica.
According to President Ali, the long-term objective is to create new investment vehicles and opportunities that allow Guyanese families to become shareholders in sectors traditionally reserved for larger investors while expanding economic participation across the country.