–to ‘keep wealth, opportunities in Guyanese hands’
PRESIDENT Dr. Irfaan Ali has unveiled plans for the creation of a national mining company that would bring together large, medium and small-scale miners in a move aimed at ensuring Guyanese benefit more directly from the country’s mineral wealth.
The proposal, announced during the commissioning of Citizens Bank’s new branch in Bartica on Friday, forms part of a broader vision to deepen financial participation and create new opportunities for local investors and miners.
According to President Ali, the initiative would see miners pooling resources through a consortium model that would allow Guyanese operators to compete for larger mining opportunities while benefiting from advanced technology and technical expertise.
“We’re going to come together, create a consortium, buy the best technology, do all of the technical work, and move towards creating a world-class mining company,” the President said.
He explained that the concept is intended to broaden participation in the mining sector and prevent local operators from being sidelined as Guyana’s economy continues to expand.
The Head of State noted that rather than having major mining opportunities dominated by international companies, Guyanese miners could work collectively to access larger projects and increase local ownership within the sector.
“It is broadening financial participation. It is broadening access to different mechanisms that enable financial inclusion,” he said.
The proposed company would include participation from miners of all sizes and would seek to leverage economies of scale through shared investments in equipment, technology and technical services.
Ali linked the proposal to wider efforts by the government to expand investment opportunities for Guyanese through new financial instruments, including the planned Guyana Stock Exchange expansion and the proposed Development Bank.
The President said the country’s development agenda must ensure that citizens have greater opportunities to invest and build wealth across key productive sectors, including mining, agriculture and manufacturing.
His announcement comes as mining remains one of the country’s largest non-oil sectors, with Region Seven continuing to serve as a major hub for gold production and related economic activity.
Ali also highlighted the need to create stronger support systems for small miners, many of whom face challenges accessing financing.
He acknowledged that while some medium and large-scale operators have supported smaller miners over the years, others have exploited their financial vulnerabilities.
The President pointed to situations where small miners become dependent on financiers for fuel, equipment and other inputs, often leaving them with limited bargaining power over the sale of their gold.
“We are now giving that independence. Financial independence is not only financial access; it is independence to invest in your own ideas and support your own ideas,” Ali said.
The proposal comes at a time when the government is seeking to further expand Guyana’s mining industry, which remains one of the country’s most important non-oil sectors and a major contributor to economic activity, particularly in the hinterland regions.
Earlier this year, Senior Minister within the Office of the President with responsibility for Finance Dr. Ashni Singh announced that the government is targeting gold declarations of 510,450 ounces in 2026.
The projection is being driven by significant investments in the sector, particularly by large-scale operators, along with intensified efforts to curb smuggling and other unlawful practices.
Gold declarations have been steadily increasing in recent years. In 2025, declarations reached 484,321 ounces, representing a significant increase from the 434,067 ounces declared in 2024. The 2024 figure itself reflected a modest rise from the 432,113 ounces recorded in 2023.
To achieve the 2026 target, the government is relying on continued expansion within the mining industry while strengthening regulatory oversight and compliance measures.
Against this backdrop, Ali’s proposal signals a desire not only to increase production but also to ensure that Guyanese miners play a greater role in the sector’s future growth.
The President linked the initiative to broader efforts to strengthen the country’s financial architecture, including the proposed Development Bank and the expansion of investment opportunities through the Guyana Stock Exchange.
He maintained that as Guyana continues its rapid economic transformation, citizens must be positioned to participate more meaningfully in the country’s development and wealth creation.
“We are not going to be second fiddle anymore,” Ali declared, while emphasising the need for Guyanese to take advantage of opportunities emerging across the economy.
Although no timeline was announced for the establishment of the proposed national mining company, the initiative is likely to generate significant interest among miners in Region Seven and other mining districts, where the industry remains a major source of employment and economic activity.
