G Mining sees improved economics at Guyana gold project

Published: 2025-04-29 15:29 Author: Northern Miner Staff

Source: MINING.COM (Original Article)

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G Mining Unveils Stronger Economics for Oko West Gold Project in Guyana

Summary: G Mining Ventures reports a significant improvement in the economic outlook for its Oko West gold project in Guyana, with a post-tax NPV of $2.2 billion and an IRR of 27%, as per a new feasibility study.

Introduction

G Mining Ventures (TSX: GMIN), a Canadian mining company, has released an updated feasibility study for its Oko West gold project in northern Guyana, revealing significantly enhanced economic projections. The study highlights the project's potential as a high-margin, long-life operation, positioning it as a key asset in the company's portfolio.

Key Findings of the Feasibility Study

According to the study, at a 5% discount rate, Oko West is expected to generate a post-tax net present value (NPV) of $2.2 billion and an internal rate of return (IRR) of 27%. This marks a 58% improvement in NPV compared to the preliminary economic assessment from September last year. At a gold price of $3,000 per ounce, the NPV could rise to $3.2 billion with an IRR of 35%.

The project anticipates a total gold output of 4.3 million ounces over a 12.3-year mine life, averaging 350,000 ounces annually at an all-in sustaining cost (AISC) of $1,123 per ounce. Initial capital expenditures are estimated at $972 million, slightly up from the previous $936 million. Construction is projected to take 34 months, with commissioning targeted for Q4 2027 and a payback period of 2.9 years at a gold price of $2,500 per ounce.

Strategic Importance and Regional Context

Oko West, located 120 km southwest of Guyana’s capital Georgetown, is one of two flagship projects for G Mining, alongside Brazil’s Tocantinzinho, which began production in September. The company plans to use a combination of open pit and underground mining techniques, with underground operations contributing to production from the fourth year.

The Guiana Shield, where Oko West is situated, is emerging as a hotspot for gold exploration. Other players in the region include Greenheart Gold (TSXV: GHRT) and Founders Metals (TSXV: FDR), as well as major operations like Newmont’s Merian and Zijin Mining’s Rosebel mines in Suriname. G Mining’s CEO, Louis-Pierre Gignac, emphasized the project’s status as 'one of the world’s most exciting undeveloped gold projects,' underpinned by solid infrastructure and a proven resource base.

Analysis and Perspective

While the updated feasibility study paints an optimistic picture, several factors warrant scrutiny. The projected capital expenditure increase, though modest at 4%, signals potential cost pressures that could escalate during construction. Additionally, the reliance on gold prices ($2,500 to $3,000 per ounce) for economic viability introduces risk, given the volatility in commodity markets. Guyana’s regulatory environment, though supportive, remains a variable—delays in securing the final environmental permit (expected this quarter) could impact the timeline for a construction decision in the second half of 2025.

On the positive side, the project’s job creation potential (1,270 direct permanent jobs) and alignment with regional mining trends in the Guiana Shield bolster its socio-economic and strategic value. If G Mining can manage costs and timelines effectively, Oko West could indeed become a cornerstone of its growth strategy.

Conclusion:

G Mining Ventures’ updated feasibility study for Oko West underscores its potential as a world-class gold project with robust economics. However, challenges such as cost management, regulatory approvals, and gold price fluctuations must be navigated carefully to realize this vision. As the company targets commissioning in 2027, the mining community will closely watch its progress in transforming projections into reality.

G Mining 公布圭亚那 Oko West 黄金项目经济性显著提升

摘要: G Mining Ventures 报告称，其位于圭亚那的 Oko West 黄金项目经济前景显著改善，根据新的可行性研究，税后净现值达 22 亿美元，内部收益率达 27%。

引言

加拿大矿业公司 G Mining Ventures (TSX: GMIN) 发布了其位于圭亚那北部的 Oko West 黄金项目的最新可行性研究，显示经济预测显著提升。该研究凸显了该项目作为高利润、长寿命矿产的潜力，使其成为公司资产组合中的关键一环。

可行性研究的主要发现

根据研究，以 5% 的折现率计算，Oko West 预计将产生 22 亿美元的税后净现值 (NPV) 和 27% 的内部收益率 (IRR)。与去年 9 月的初步经济评估相比，NPV 提高了 58%。若黄金价格达到每盎司 3000 美元，NPV 可增至 32 亿美元，IRR 提升至 35%。

该项目预计在 12.3 年的矿场寿命内总共生产 430 万盎司黄金，年均产量为 35 万盎司，综合维持成本 (AISC) 为每盎司 1123 美元。初始资本支出预计为 9.72 亿美元，较之前的 9.36 亿美元略增 4%。建设预计耗时 34 个月，计划于 2027 年第四季度投产，若黄金价格为每盎司 2500 美元，投资回收期为 2.9 年。

战略重要性与区域背景

Oko West 位于圭亚那首都乔治敦西南约 120 公里处，是 G Mining 的两大旗舰项目之一，另一个是巴西的 Tocantinzinho 项目，该项目已于 9 月开始生产。公司计划采用露天采矿和地下长壁开采相结合的方式，地下开采将从第四年开始为加工提供原料。

Oko West 所在的圭亚那盾地正成为黄金勘探的热点区域。该地区的其他参与者包括 Greenheart Gold (TSXV: GHRT) 和 Founders Metals (TSXV: FDR)，以及纽蒙特（Newmont）的 Merian 和紫金矿业的 Rosebel 金矿（均位于苏里南）。G Mining 首席执行官 Louis-Pierre Gignac 强调，该项目是“世界上最令人兴奋的未开发黄金项目之一”，并得到坚实的资源基础和基础设施支持。

分析与观点

尽管更新的可行性研究描绘了一幅乐观的前景，但仍需关注几个因素。资本支出的预计增长虽仅为 4%，却暗示了建设期间可能出现的成本压力。此外，项目经济性对黄金价格（每盎司 2500 至 3000 美元）的依赖引入了风险，因为大宗商品市场波动较大。圭亚那的监管环境虽然支持矿业发展，但仍存在变数——最终环境许可（预计本季度获得）的延迟可能影响 2025 年下半年的建设决策时间表。

积极的一面是，该项目预计将创造 1270 个直接永久就业岗位，并与圭亚那盾地的区域采矿趋势相符，增强了其社会经济和战略价值。如果 G Mining 能有效管理成本和时间表，Oko West 确实可能成为其增长战略的基石。

结论:

G Mining Ventures 对 Oko West 的最新可行性研究突显了其作为世界级黄金项目的潜力，经济性表现强劲。然而，成本管理、监管审批和黄金价格波动等挑战需要谨慎应对。随着公司目标在 2027 年投产，矿业界将密切关注其将计划转化为现实的进展。