President Ali unveils plan for national mining consortium to expand Guyanese ownership

President Dr Mohamed Irfaan Ali on Friday announced plans for creating a national mining consortium that would allow miners and ordinary Guyanese to collectively participate in large-scale mining opportunities through a world-class, locally owned company.

The announcement was made during the commissioning of the new Citizens Bank branch in Bartica, where the president outlined the government’s broader vision to deepen financial inclusion and expand investment opportunities for Guyanese.

According to President Ali, the proposed model would bring together small, medium, and large-scale miners with ordinary citizens to create a national mining company capable of competing internationally.

“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 now broadens financial participation,” the president stated.

He explained that the initiative is intended to ensure Guyanese retain greater ownership. He said that they must benefit from the country’s mineral resources rather than relying heavily on external operators for large-scale opportunities.

“Instead of having large miners from around the world taking up the large-scale opportunity, we are going to build this national mining company together,” President Ali said.

The president linked the proposal 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 also announced that discussions are ongoing with Citizens Bank on establishing a Development Bank desk and an electronic ID support desk to improve access to services for residents of Region Seven.

The president 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.

President Ali noted that 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. [Department of Public Information]