G Mining Ventures (GMIN) has announced an initial capital expenditure (Capex) of $972m for the development of its Oko West Gold Project in Guyana, following the release of its feasibility study (FS).

The expenditure plan includes $69m in pre-production credits and a 9% contingency of $85m. The construction period is estimated to span 34 months, with commissioning anticipated by the end of 2027.

The company’s FS reveals strong economic potential for a large-scale mining operation combining both open pit and underground methods. The project forecasts total gold production of 4.3 million ounces over a 12.3-year lifespan, with annual production averaging 350,000 ounces at an all-in sustaining cost of $1,123 per ounce.

Based on a gold price of $2,500 per ounce, the project’s after-tax net present value stands at $2.2bn, with an internal rate of return at 27%.

G Mining Ventures president and CEO Louis-Pierre Gignac said: “The Oko West Feasibility Study marks a major milestone in realising the value of what we consider one of the world’s most exciting undeveloped gold projects. It confirms a long-life, high-margin operation with strong economics, supported by a proven resource and solid infrastructure.

“With Tocantinzinho nearing nameplate capacity and generating meaningful free cash flow, GMIN is well positioned to advance Oko West using the same experienced team and disciplined execution that delivered our first mine ahead of schedule and on budget.”

Environmental permits are expected by Q2 2025, with a construction decision anticipated in H2 2025. Located in Region 7, the project aims to benefit from current favourable macroeconomic conditions such as strong gold prices and Guyana’s developing economy.

Situated roughly 120km southwest of Georgetown and about 50km west of Bartica, Oko West offers multiple access routes.

Indicated mineral resources amount to 80.3 million tonnes at an average gold grade of 2.1gm per tonne, equivalent to 5.4 million contained ounces of gold. Inferred resources account for an additional 5.1 million tonnes at an average grade of 2.36gm per tonne for a further 0.4 million ounces.

The mining plan relies on probable reserves of 76.6 million tonnes at an average gold grade of 1.89 grams per tonne, translating to 4.64 million ounces. Initial production will focus on open pit mining for the first three years before integrating underground operations from the fourth year onwards.

Open pit operations are centred around Block 4 and a smaller sub-pit will extract approximately 426.2 million tonnes of combined waste and overburden material with a strip ratio of 6.8. Underground mining will employ long hole open stoping across two zones accessible via a decline ramp from a surface mine portal.

Processing facilities are designed to treat six million tonnes annually using comminution, gravity concentration and cyanide leaching techniques to produce doré bars.

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