According to the Ministry of Finance’s Budget 2021 report, the mining and quarrying sector’s which includes oil and gas contribution to GDP was approximately 40 percent of Guyana’s GDP in 2021.  Known historically as “El Dorado” for its gold, Guyana also exports bauxite and diamonds.  Guyana’s mineral heritage includes deposits of semi-precious stones, kaolin, silica sand, soapstone, kyanite, feldspar, mica, ilmenite, laterite, manganese radioactive minerals, copper, molybdenum, tungsten, iron, and nickel, among others.  Guyana may have critical minerals present but these are yet to be confirmed.

Subsector Best Prospect

Large Scale Gold Mining

There are ongoing efforts to transition operations to mercury-free mining with Conservation International, executed jointly by the Guyana Geology and Mines Commission (GGMC) and the Guyana Gold and Diamond Miners Association.  Key hurdles facing potential investors includes elevated health and safety concerns.  Guyana’s gold royalty stands at 8 percent and corporate entities are taxed at either 40 or 25 percent.  Applications for prospecting and mining licenses must be sent to the GGMC.  With an approved mining license investors are allowed free importation of equipment, supplies and materials to be used for gold production.  The Office of the Presidency has oversight of Guyana’s natural resources. 

Opportunities

Opportunities within the mining sector in Guyana include prospecting, sales of mining equipment and value-added processing, especially if electricity rates decline.  The country does not have a smelting facility.  The government is seeking partners for a refinery and is actively working to improve standards and the ability to identify mineral deposits.

Table: Mining Sector Market

Source: Bank of Guyana, Selected Indicators Mining and Quarrying Production

Resources

Office of the President: https://op.gov.gy/

Guyana Geology and Mines Commission:  https://www.ggmc.gov.gy/

Ministry of Natural Resources and the Environment: https://nre.gov.gy/