In 2024, Guyana’s bauxite production saw a boost, while gold remained consistent and diamond production declined. Can you comment on the sector’s performance and key projections for 2025?

In 2024, Guyana's bauxite production surged by 225% to 1.7 million t/y. This was driven by major investments from BOSAI, and production is projected to double in 2025. Gold output remained steady at around 434,000 oz/y, but revenue increased significantly due to higher prices and improved mining practices.

In 2025, the sector is expected to grow by 10%, with continued strength in bauxite and quarrying activities. How can Guyana best leverage its abundant natural resources to create wealth for the country in the long run?

Guyana can best leverage its abundant natural resources by implementing a long-term development framework that ensures responsible extraction, value addition and equitable distribution of wealth. The long-term framework includes four main pillars: Firstly, the prudent management of oil revenues. That means using tools like the Natural Resource Fund to save and invest strategically, while also protecting the economy from oil price shocks. A big part of this is making sure that oil money is directed toward things like infrastructure, education, healthcare, and helping the economy grow beyond oil. Secondly, economic diversification; it's important to invest in sectors like agriculture, manufacturing, renewable energy, and ICT, and to build up value-added industries (like refining bauxite or agro processing) which will retain more value locally. The third pillar is local content development, including building up local expertise and supply chains to participate in mining and oil-related industries, and strengthening local content policies that require companies to hire and source goods and services from Guyanese businesses. Lastly, environmental stewardship is essential. Guyana needs to enforce solid environmental standards and continue investing in climate resilience. Guyana’s Low Carbon Development Strategy ensures that natural resource use is balanced with conservation goals.

How have Guyana’s regulations evolved in regard to both mining and the petroleum sector?

The Guyana Geology and Mines Commission (GGMC) oversees the sector, with updated guidelines on safety, land reclamation, and environmental management. The government is also enhancing monitoring technologies like remote sensing and has introduced reforms to improve transparency and accountability. Furthermore, artisanal and small-scale miners are now being integrated more formally through training, licensing support, and incentives for sustainable practices.

In the oil sector, The Petroleum Activities Act (2023) replaced the outdated Petroleum Exploration and Production Act of 1986. Key reforms include: Clearer fiscal terms and production-sharing agreements (PSAs); Improved licensing transparency and competitive bidding; Stronger environmental regulations and oversight mechanisms; A Local Content Act (2021) ensures that Guyanese workers and businesses benefit directly from the oil industry. The Environmental Protection Agency (EPA) also now plays a more assertive role in impact assessments and enforcement.

What is the minister’s strategy for the formalization of the artisanal mining sector?

One key area is land access: the introduction of land lotteries and faster claim verification processes has significantly reduced illegal raiding and opened up over 1,000 new legal mining opportunities. On the financial side, the government has provided tax relief through VAT and excise tax exemptions on mining equipment and fuel, along with new duty-free concessions secured through an agreement with the Guyana Gold and Diamond Miners Association (GGDMA). Environmental responsibility is also a major priority, with a strong push to promote mercury-free technologies and ensure alignment with Guyana’s Low Carbon Development Strategy (LCDS). At the same time, investments in mineral mapping and road infrastructure are improving access to mining sites and helping reduce operational costs. Finally, through the Guyana Mining School, the government continues to offer technical training programs aimed at building a more skilled and professional artisanal mining workforce.

These efforts aim to improve productivity, reduce unregulated mining, and ensure sustainable, inclusive growth in the sector. What is the government’s vision for the mining sector in Guyana?

The Government of Guyana envisions a mining sector that drives sustainable, inclusive and diversified economic growth. Key goals include diversifying the economy with value-added industries like aluminum processing, promoting sustainable mining aligned with the Low Carbon Development Strategy (LCDS) 2030, and investing in infrastructure, especially road access, to remote mining areas. We are also committed to building a skilled workforce through training and industry partnerships, including small-scale miners and Indigenous communities through land access and incentives, and attracting investment to increase gold production to over 1 million ounces by 2030.

This vision aims to balance economic gains with environmental responsibility and social inclusion. Do you have a final message for prospective investors looking at Guyana’s natural resources sector?

Guyana is one of the world’s most dynamic emerging economies, offering a wealth of untapped potential across oil and gas, mining, agriculture, and renewable energy. The government is committed to fostering a stable, transparent, and investor-friendly environment, supported by modernized regulations, tax incentives, and strong governance mechanisms.