According to the Ministry of Finance’s Budget 2023 report, the mining and quarrying sector, (which includes oil and gas), contributed 65 percent of Guyana’s GDP in 2022. 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, lithium, molybdenum, tungsten, iron, and nickel, among others.
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. Health, safety, and security concerns are key hurdles facing potential investors. 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 working to improve standards and the ability to identify mineral deposits.
| Commodity | 2020 | 2021 | 2022 |
| Bauxite (tons) | 608,168 | 618,452 | 705,631 |
| Gold (oz) | 585,433 | 499,054 | 486,415 |
| Diamond (mt. ct) | 19,240 | 45,106 | 83,614 |
| Stone (tons) | 622,886 | 854,850 | 935,078 |
Source: Bank of Guyana 2022, Selected Indicators Mining and Quarrying Production