For the first time in nine years, Guyana’s gold production recorded an increase alongside the bauxite and quarrying sectors. This was disclosed by Minister of Natural Resources, Vickram Bharrat, during his ministry’s end-of-year press conference on Tuesday.
“We have seen major improvements across almost all commodities in the mining sector in 2024,” the minister stated.
Gold production rose slightly from 402,113 ounces in 2023 to 434,067 ounces in 2024. The minister explained that this modest increase translated into the State earning an additional US$180 million, thanks to higher gold prices last year.
“In 2024 we have started to see a reversal in production, thereby seeing a small increase between the 2024 and 2023 production and declaration. However, with the increase in gold production, it has brought in an increased revenue of 180 million US dollars, total earnings of 989.9 million US dollars in 2024,” Minister Bharrat stated.
Minister Bharrat noted that Guyana’s peak gold production occurred in 2016, when two large-scale miners began operations. Since then, gold production had been on a steady decline until 2024. The government attributes this decline to one large-scale miner ceasing operations, low recovery rates by small and medium-scale miners, and harsh weather conditions.
Despite these challenges, the minister sees the recent increase as a positive sign. “I believe this is an encouraging sign for our country, for the sector and for the stakeholders, so much so that we are seeing now that a number of key stakeholders are expanding or restarting the mining operations, and also their new players or new stakeholders entering the sector,” he said.
Looking ahead, Minister Bharrat outlined the government’s 2025 plan to improve monitoring across the mining sector, particularly in gold, to ensure all gold produced is sold to the Guyana Gold Board or authorized traders. The government also intends to work with small and medium-scale miners to improve their recovery rates, which currently stand below 50%.
Moreover, the minister highlighted bauxite as another success story. Production increased significantly from 523,732 tonnes in 2023 to 1,703,121 tonnes in 2024, a remarkable rise of over 225%. “This has been a real success story for us,” Bharrat noted.
The quarrying sector also experienced massive growth, driven by the demand for building materials, which is driven by Guyana’s rapid development. Production increased from 1,851,152 metric tonnes in 2023 to 3,338,760 metric tonnes in 2024. “This is as a result again, of the confidence of the investors. We have seen over the last two years, 2023 and 2024, a number of new quarries coming into operation,” he said.
According to the minister, when the PPP government took office in August 2020, there were only seven operational quarries. Today, there are 17, with several existing quarries expanding. Five new quarries are expected to begin operations in 2025, pushing production beyond the 5 million mark to meet the growing local infrastructure demand.
