Guyana sets 2026 gold declaration target at 510,450 ounces

Backed by significant investments in the gold mining sector and strengthened Government efforts to curb unlawful practices, the administration expects gold declarations to rise to 510,450 ounces (oz) this year.

This was revealed by Senior Minister within the Office of the President with responsibility for Finance Dr Ashni Singh in his Budget 2026 presentation.

Last year, total gold declarations amounted to 484,321oz, a significant improvement from 2024, which stood at 434,067oz, a modest 1,954-oz rise from the 432,113oz reported in 2023.

To meet the 510,450-oz target, the Government is relying on the operations of large-scale investors in the sector, alongside intensified efforts to regulate the industry.

Dr Singh disclosed that the large-scale operator at Aurora surpassed their production target last year and is expected to grow further this year, with ongoing work to advance underground mine development.

He also noted that the Oko West project’s formal construction decision was announced in October of last year, and the project secured its mining licence last month, marking the final regulatory milestone for the project’s development. Total production from this project is estimated at 4.3 million oz over 12.3 years, with an average annual gold production profile of 350,000oz, and is expected to start producing in 2027.

Moreover, in December 2025, key findings from the Preliminary Economic Assessment (PEA) of the Oko project – which sits north of the Oko West project – reflected a combined open-pit and underground operation with a 14-year mine life with total production of 3.2 million oz of gold. Annual production is estimated at 298,000oz, with start-up currently targeted for 2029.

Meanwhile, Toroparu is also progressing as a large-scale development project. The PEA completed last October showed a long-life open-pit gold project with a 21.3-year mine life and an annual average production of 235,000oz of gold.

Additionally, work continues at Omai with an intense drilling programme undertaken in 2025, and an updated PEA is targeted for the second quarter of this year, positioning the project as one with serious medium-term potential.

“Taken together, these developments indicate clearly that the large-scale subsector is poised for a take-off in the medium term,” the finance minister noted.

On the other hand, he said work continues to regulate the operations of small- and medium-scale miners.

“The Government is working on formalising the gold sector, improving traceability, and rewarding compliance,” Dr Singh noted.

Authorities have announced mandatory local bank account requirements and compulsory updates of personal records for all miners and stakeholders. This is combined with measures to curb unlawful practices that weaken declarations and intensify audits across declarants.

Furthermore, the Government is investing in systems that help to modernise oversight and unlock new opportunities in the sector, such as the high-tech mineral mapping project launched late last year.

In support of strengthened industry regulation, during 2025 the Guyana Gold Board (GGB) conducted mobile purchasing in Lethem, Marudi and Mahdia, which resulted in two permanent operations in place at the end of 2025.

“Three new mobile purchasing locations are expected to be in place before the first half of 2026 in Puruni, Karuni and Olive Creek. Increased monitoring of traders will ensure licensees adhere to location-specific regulations in their operations. Combined, all of these measures are expected to reduce leakages and improve declarations in 2026,” Dr Singh explained.

The finance minister also emphasised that the gold sector continues to be an important driver of job creation, employing more than 20,000 persons directly in 2025, compared to 13,681 in 2020.

“Every new operation, every new licence, every new piece of equipment, and every new prospect brought into operation translates into more Guyanese working and earning. With the improvements being made in the small- and medium-scale subsector and the promising prospects in the large-scale subsector, all indications are that gold mining is poised to maintain its place as a major anchor of the non-oil economy in Guyana over the next five years and well into the future,” he posited.

President Dr Irfaan Ali has already made it clear that his administration is looking to have gold production reach over 1 million oz by 2030.