G Mining Ventures (TSX: GMIN) is officially moving forward with the development of a second mine, putting the company on the path of becoming a multi-asset producer. The firm this morning announced a formal construction decision for their Oko West Gold Project in Guyana.
The formal construction decision is said to come at an initial capital cost of $973 million. However, the “decision” is evidently more a matter of tradition than anything, with procurement and commitments for long lead items already hitting $334 million to date, which is 33% of the total initial capital budget. Actual spending to date meanwhile has hit $110 million, with a further $46 million in prepayments having been made.
On the ground, early works construction activities are said to be advancing on schedule, while detailed engineering is now 36% complete. Camp facility expansions are currently underway, while a 12 kilometre external road is now operational. Also complete is the coffer dam for the tailings storage facility, with foundation prep and dam construction now underway. Oko West is fully permitted, while a Mining License application has been submitted and is expected to be approved in Q4 2025.
Sponsored · Altamira Gold Corp.
READ: G Mining Secures Up To US$537.5 Million For Construction Of Oko West
“With financing secured, we are advancing this fully permitted, world-class project using the same disciplined, self-perform approach that delivered Tocantinzinho safely, on time and on budget. Oko West will build on that success as the next cornerstone of our growth strategy, with first gold targeted for the second half of 2027,” commented Louis-Pierre Gignac, CEO of G Mining.
G Mining Ventures last traded at $28.28 on the TSX.
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