Senior Finance Minister Dr. Ashni Singh recently highlighted that the gold mining sector shows a promising resource potential, with over 10 million ounces identified across Eagle Mountain, Marudi, Oko West, and Omai. The government anticipates the commencement of large-scale operations in these areas by 2026 or 2027.
Minister Singh mentioned on Monday that the Toroparu area, managed by Gran Colombia Mining (GCM), a Canadian gold mining company, is still under active consideration. He revealed that private investors are expected to finalize timelines shortly. Furthermore, the minister pointed out that production at Aurora is on the rise, with the arrival of new equipment and assets to kickstart the full-scale underground mining operation. Additionally, a 15 MW solar farm is planned in 2024 to support the mills.
During the 2024 budget presentation, Minister Singh emphasized the sustained profitability of gold mining for both international and domestic investors. Despite a decrease in output in 2023, he remains optimistic about the future of gold mining at large, small, and medium scales.
The 2024 budget report states that the gold mining subsector contributed 6.1 percent to the non-oil Gross Domestic Product (GDP) and accounted for 52.1 percent of non-oil exports in 2023. The sector is expected to maintain its significant role in the economy.
