Guyana earned US$989.9M in gold production for 2024

With key stakeholders in the gold industry restarting and expanding their operations, Guyana in 2024 saw an increase in gold production, earning US$989.9 million.

In 2024, the sector produced 434, 067 ounces of gold and 432, 113 ounces in 2023. Minister of Natural Resources Vickram Bharrat revealed an increased revenue of over US$180 million.

“This is an encouraging sign for our country, for the sector and stakeholders,” Bharrat said at a yearend press conference on Tuesday.

Despite the successes, there have been challenges such as flooding, drought, and labour shortages.

Bharrat stated that several medium-scale miners had left the sector to pursue other opportunities in oil and gas and construction sectors but are returning now to the mining sector.

“We are working with stakeholders to increase and restart their operations once again,” Bharrat said.

Meanwhile, in 2025, special attention will be placed on assisting small and medium-scale miners to increase the recovery rate.

Minister Bharrat revealed that in 2024, the small and medium miners only achieved about 40 to 45 per cent recovery rate while the large-scale miners achieved a 95 per cent recovery rate.

The Guyana Geology and Mines Commission is now tasked to improve monitoring across the mining sector which is key and critical to ensure increased production.

Bharrat further revealed that several new small-scale mining lots were allocated in 2024 in Regions One, Seven and Eight.

“Almost 500 small miners had access to their own lands,” Bharrat said.