Canadian mining company, Mako Mining Corp. has named Guyana the next big mining destination, pointing to the country’s investor-friendly permitting process and growing foreign interest in its mineral resources.
In a recent corporate presentation, the company highlighted its flagship Eagle Mountain Gold Project in Guyana’s Mahdia district. The project, which covers about 47 square kilometres, includes two main gold deposits: Eagle Mountain and Salbora, along with several other promising exploration targets.
Under the headline, “Guyana: The Next Great Mining Jurisdiction Guyana Highlight” Mako Mining underscored that Guyana is emerging as one of South America’s most attractive mining jurisdictions. The company cited strong government support and a permitting regime that allows for accelerated project timelines in the mining sector.
Further, Mako also noted that the mining and oil and gas sectors contributed around 62% of Guyana’s Gross Domestic Product (GDP) in 2022.
The Eagle Mountain Project, located about 7 kilometres south of Mahdia township, is fully owned by Mako. The site boasts indicated gold resources of 1.18 million ounces and inferred resources of 582,000 ounces.
According to Mako, activities for 2024 include environmental and engineering studies, tailings and power trade-off assessments, and the initiation of the mine permitting process. The company plans to start production by 2027, with an estimated output of over 60,000 ounces of gold per year.
The phased development plan for the project spans exploration, permitting, financing, and construction, with environmental studies and mining license approvals scheduled between 2024 and 2026. By late 2025 Mako said it will submit the Eagle Mountain Environmental Impact Assessment (EIA) to Guyana’s Environmental Protection Agency (EPA). The drafting of the mining application will also be drafted this year with hopes of getting approval by next year.
Moreover, it was also stated that Mahdia, a central mining hub in Potaro-Siparuni Region 8, is expected to benefit from the project’s development.
