…to employ 1,500 Guyanese
A US$1.5 billion gold project to be spearheaded by shareholder group, G Mining Ventures Corporation in the Oko West area, Region Seven (Cuyuni-Mazaruni) is expected to re-energise Guyana’s mining sector with the production of 350,000 ounces of gold annually.
The project which will come on stream in 2027 is situated some 95 kilometres Southwest of Georgetown and measures approximately 44 square kilometers.
In October 2023, the Natural Resources Ministry had announced the discovery of gold in Oko West, hinting that the area has potential for a large-scale gold-producing mine.
Delivering remarks at an education forum held at the Pegasus Corporate Suites in Georgetown on Wednesday, Country Manager of G Mining Ventures, Bjorn Jueue said the Oko West Project represents a significant milestone in Guyana’s natural resource development, adding that its operation will alleviate challenges faced in recent years.
“With a projected mine life of 13 years, we anticipate the production of over 350,000 ounces a year. The ripple effect, which will be the creation of at least 1,500 jobs with strong focus on local employment and capacity building. To ensure that we address community needs effectively, G-Mining Ventures has established a multi-stakeholder working group to foster collaboration and transparency in region 7. The community representatives in this group play a crucial role in hearing and addressing the voices and concerns of our local stakeholders. In addition, our close working relationship with government agencies has facilitated a smooth permitting process, and we are grateful for the support that we have received,” the Country Manager shared.
Meanwhile, Home Affairs Minister Robeson Benn in his remarks to the gathering said the development of Oko West represents a continuation of work that started in the sector many years ago.
On this point, he lauded Governments strategic management of the sector, noting that the gold mining industry is gradually hitting new heights both on the local and regional stage.
“Guyana is at the most momentous situation in terms of development. We have the oil and gas development which is much talked about, we have the opportunities and synergies spinning out of that and with this new development at Oko West, this will broaden the opportunities for people… We have kept our promise in relation to re-energizing and developing the natural resource sector in relation to mining. There was a time when it was being shut down “There was a time when the bauxite operations were practically dead…Even the small mining…were shut down. We have come back and we are keeping our promises to the people of Guyana,” Robeson said.
At the forum, it was announced that this undertaking will provide employment to some 1,500 Guyanese.
Labour Minister Joseph Hamilton indicated that a Memorandum of Understanding (MOU) has been inked between the Guyana Government and G Mining Ventures to provide locals with the skills needed to support the Oko West project.
While the level of training was not disclosed, Hamilton did indicate that the sessions will be administered at his Ministry’s Industrial Training Centre in Bartica, given that majority of the beneficiaries will emerge from Region Seven.
“We cannot continue to journey along, whereby for many persons, educators and all, the only education that is important is academic education. And therefore, this country, in my view, we have to rethink, we have to retool and revolutionize education delivery. Where a child with technical aptitude is given the same attention like one with academic aptitude… And I compliment them because in our conversations to reach the position to develop a memorandum of understanding. They were clear that they wanted most of their employees to be allowed to region 7. And that is what we are working towards so that we can train people, upskill people,” Hamilton said.
Gold declaration
Aurora Gold Mines (AGM), the last remaining foreign owned, large-scale gold mine in Guyana currently producing gold in commercial quantities, produced 68,557 troy ounces of gold in what is a favorable result driven by the successes of the Chinese owned mine’s underground operations.
According to the recently released Bank of Guyana Mid-Year report, declarations from the mine which is operated by Zijin Mining Group Co. Ltd through its subsidiary, rose by 35.3 per cent.
Total gold declarations were 188,160 troy ounces. Of this, declarations from small and medium scale miners declined by 24.8 per cent, to 119,603 troy ounces. The dry weather was a major factor against these miners in the first quarter of the year, while heavy rainfall also stymied their operations in the second quarter. Labour shortages have also not helped declarations.
As far back as 2021, members of the Central Corentyne Chamber of Commerce (CCCC) had informed Finance Minister Dr Ashni Singh that the shortage of labour was having a significant impact on the business sector in the region.
In July of this year, however, an investment Climate Report released by the United States (US) State Department had shed some light on this labour shortage, finding that the country has a major informal economy that accounts for between 30 and 50 per cent of the job market.
The government has meanwhile 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 Natural Resources Ministry 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.
These activities align with President Dr Irfaan Ali’s goal to push the local mining sector to dizzying heights, with the administration looking to have gold production reach over 1 million ounces by 2030. (G1)
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