G Mining Begins Earthworks At Oko West Project
The development of G Mining Ventures’ (TSX: GMIN) Oko West Gold Project in Guyana has begun, with early works construction now underway. While the effort on-site has now begun, a feasibility study is still in the process of being completed for the project, with its release scheduled for the second quarter of this year.
Guidance released by G Mining has indicated that the company will spend capex of between $200 and $240 million at Oko West in 2025, as the company advances towards the commencement of construction later this year. An interim environmental permit, issued from the Guyana Environmental Protection Agency, was received in January of this year, enabling the process of constructing the mine to start.
Current early works construction efforts will see site preparation conducted for a barge landing on the Cuyuni River and the permanent camp area, which are said to be critical initial infrastructure items that need to be completed to support the future development of Oko West. The interim permit also allows for earthmoving efforts to support the main access and internal roads, an airstrip, water and sewage treatment plants, power generation, and the communications tower.
A preliminary economic assessment released in 2024 has indicated that the Oko West project is expected to produce 353,000 ounces of gold a year at an all in sustaining cost of just $986 an ounce. The mine is expected to operate for an initial mine life of 12.7 years, and boasts a net present value of $1.4 billion, using a 5% discount rate and a gold price of $1,950 an ounce. Production is currently expected to come online in early 2028.
G Mining Ventures last traded at $15.75 on the TSX.
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