Guyana’s Gold Revenue Surges to $989.9 Million in 2024
January 15 2025- Guyana’s gold sector experienced a notable financial boost in 2024, as government initiatives to integrate advanced technologies significantly enhanced operations.
While gold production saw only a modest increase—from 432,113 ounces in 2023 to 434,067 ounces in 2024—the sector’s revenue climbed to an impressive US$989.9 million. This development was announced by Minister of Natural Resources, Vickram Bharrat, during a press briefing on Tuesday.
Minister Bharrat emphasized the critical role of gold mining in Guyana’s economy and outlined plans to continue working with small- and medium-scale miners to improve their recovery rates in 2025. While large-scale producers have achieved recovery rates as high as 95%, smaller operators have struggled with rates of 40% to 45%. The government is optimistic that targeted investments and technological advancements will help bridge this gap.
To further empower miners, the government allocated concessions in key mining districts through lotteries, benefiting approximately 500 small-scale miners in Regions One, Seven, and Eight during 2024.
The Guyana Geology and Mines Commission (GGMC) has also been tasked with enhancing its monitoring systems to support increased production and combat illegal mining practices.
The significant revenue growth underscores the importance of the gold mining sector to Guyana’s economic development, with the government committed to driving further progress in the years ahead.
