Canadian mining company G Mining Ventures Corp. (GMIN) has announced highly promising results from the feasibility study of its flagship Oko West gold project in Region Seven, Guyana. The study confirms low production costs, strong profitability, and robust long-term returns, positioning the project as a major asset in the global gold mining sector.

According to GMIN, the Oko West project is expected to produce 4.3 million ounces of gold over a 12.3-year mine life. Annual production is estimated at 353,000 ounces, derived from a combination of open pit and underground mining operations. With an all-in sustaining cost (AISC) of US$1,123 per ounce, the project is expected to rank among the industry’s lowest-cost producers.

At a gold price of US$2,500 per ounce, the project’s after-tax net present value (NPV) stands at US$2.2 billion, with an internal rate of return (IRR) of 27% and a payback period of just 2.9 years. If prices rise to US$3,000 per ounce, the NPV increases to US$3.2 billion and the IRR to 35%, underscoring the project’s sensitivity to gold price trends and its strong profitability potential.

The initial capital cost for developing the mine is pegged at US$972 million, with an additional US$650 million required in sustaining capital over the life of the operation. GMIN has begun early development work at the site, following the receipt of an Interim Environmental Permit from the Guyana Environmental Protection Agency (EPA). The Environmental Impact Assessment and Environmental Impact Statement were submitted to the EPA in November 2024, with final project approval expected in the second quarter of 2025. A formal construction decision is targeted for the second half of the year.

Early site work includes preparing a barge landing on the Cuyuni River, constructing a permanent camp, and developing key infrastructure such as roads, an airstrip, water and sewage treatment systems, and power facilities. The project is expected to generate an average of 1,270 permanent jobs and support long-term economic development in the Cuyuni-Mazaruni region.

Spanning 71 square kilometres, Oko West is located about 120 kilometres southwest of Georgetown and 50 kilometres from Bartica. The area is part of Guyana’s well-established, mining-friendly zone with existing gold and bauxite operations.

GMIN acquired Oko West in July 2024 through a business combination with Reunion Gold. With its Tocantinzinho project in Brazil nearing full production, GMIN sees Oko West as the next cornerstone asset in its growth strategy, potentially pushing total production above 500,000 ounces per year.

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