Guyana has been listed among the top 10 nations in the world with one of the most attractive investment regimes for the mining sector, according to the Fraser Institute’s 2024 Annual Survey of Mining Companies. The report ranked 82 jurisdictions worldwide based on their geological attractiveness (minerals and metals) and government policies that encourage or deter exploration and investment.
Guyana made a significant move up the ranks in the last five years. The country is now 9th overall in global investment attractiveness, up from 22nd in 2022 and 67th out of 77 countries in 2020.
The report also notes that Guyana ranks number one in Latin America and the Caribbean, outranking Brazil, Chile, Peru, and Mexico. It also outperformed major mining hubs, including British Columbia, Ontario, Quebec, and Western Australia.
Guyana also placed 7th in the Best Practices Mineral Potential Index, which assesses geological potential.
The foregoing performance was made possible due to several measures taken by the government over the last five years. This includes the reduction of final tax from a maximum of 3.5 percent to 2.5 percent in 2022 which resulted in an estimated $1.4 billion being returned to the mining industry. There was also the removal of the 10 percent Tributors’ Tax that would benefit thousands of workers in the industry with $300 million returned to those who were paying this tax.
Further, the government presented the Value-Added Tax (No.3) Order 2022, which removed VAT on lubricating oil, a key input in not only the mining industry, but almost all the productive sectors. In total, those measures alone returned a total of $1.9 billion to stakeholders in the industry. These measures, along with major investments in technology to enhance exploration and resource assessment, as well as opening up new road networks in hinterland regions, have contributed to enhancing the investment climate for the sector.
Upon considering Guyana’s performance in the survey, Elaine Ellingham, President & CEO of Omai Gold Mines, was keen to note that these results reflect what the company experienced. Ellingham said, “Guyana offers a unique combination of world-class geology, a supportive investment climate, and a government that welcomes large-scale mine development.”
The company also noted that it is proud to be advancing one of the fastest-growing gold projects in the Guiana Shield. It said, “This recognition underscores the exciting path ahead for both Guyana and the Omai Gold Project.”
With respect to the top five jurisdictions on the overall Investment Attractiveness Index, which includes both mineral endowment and policy, these were listed as Wyoming and Arizona.
When considering both policy and mineral potential in the Investment Attractiveness Index, Ethiopia ranks as the least attractive jurisdiction globally for investment, followed by Suriname and Niger. Also in the bottom 10 (beginning with the least attractive for investment) are Nova Scotia, Mozambique, Madagascar, Bolivia, the Dominican Republic, Guinea (Conakry), and Minnesota.
These findings on Guyana build on positive comments by President and CEO of G Mining Ventures (GMIN), Louis-Pierre Gignac, who labeled Guyana as a Tier 1 jurisdiction. Earlier this year, Gignac commended Guyana’s pro-business government, predictable permitting process, and supportive communities. GMIN is championing the Oko West project that will target production of 353,000 ounces of gold annually, starting in 2027.
