G Mining Ventures (GMIN) announced an initial capital expenditure (Capex) of $972 million to develop the Oko West Gold Project in Guyana. This announcement follows the release of the project’s feasibility study (FS). The funds will support pre-production and construction costs, with project completion expected by late 2027.
Economic Outlook and Project Details
The total Capex includes $69 million for pre-production credits, plus a 9% contingency of $85 million. Construction is expected to take 34 months, with production starting by the end of 2027. The Oko West project will combine open-pit and underground mining techniques. It is projected to produce 4.3 million ounces of gold over a 12.3-year lifespan. The annual production rate is expected to reach 350,000 ounces at an all-in sustaining cost of $1,123 per ounce.
At a gold price of $2,500 per ounce, the project’s after-tax net present value (NPV) is projected at $2.2 billion. The internal rate of return (IRR) stands at 27%, highlighting the project’s strong economic potential.
Feasibility Study and Environmental Permits
Louis-Pierre Gignac, president and CEO of G Mining Ventures, called the feasibility study a major milestone. “This confirms a long-life, high-margin operation with solid economics, supported by a proven resource and infrastructure,” he said. He also emphasized the company’s readiness to move forward, using the same experienced team that brought the Tocantinzinho mine to nameplate capacity ahead of schedule.
Environmental permits are expected by Q2 2025. The company plans to make a construction decision in the second half of 2025. The project is located in Region 7 of Guyana, about 120 kilometers southwest of Georgetown and 50 kilometers west of Bartica. The project benefits from favorable macroeconomic conditions, such as high gold prices and Guyana’s growing economy.
Resources and Mining Plan
Oko West contains indicated mineral resources of 80.3 million tonnes, with an average gold grade of 2.1 grams per tonne. This equates to 5.4 million ounces of contained gold. Inferred resources add 5.1 million tonnes at 2.36 grams per tonne, totaling 0.4 million ounces. The mining plan is based on probable reserves of 76.6 million tonnes at 1.89 grams per tonne, totaling 4.64 million ounces.
Open-pit mining will begin at Block 4 with a strip ratio of 6.8. The first three years will focus on open-pit mining, followed by underground mining. Underground operations will employ long-hole open stoping across two zones, accessed by a decline ramp from the surface mine portal.
The project’s processing facilities will treat six million tonnes of ore annually, using comminution, gravity concentration, and cyanide leaching to produce doré bars.
For more information about G Mining Ventures and the Oko West Gold Project, visit SuperMetalPrice.
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