Wedoany.com Report-Oct. 25, GMining Ventures (GMIN) has officially begun construction of its $973 million Oko West gold project in Guyana, targeting first gold production in 2027. The company confirmed that early works are progressing on schedule, with detailed engineering reported at 36% completion. This follows a positive construction decision by GMIN’s Board of Directors after successfully completing permitting and financing milestones.

The project employs a workforce of 710, with more than 80% being Guyanese nationals.

Procurement activities are advancing effectively, with $334 million already committed, representing 33% of the project’s initial capital budget. As of 30 September 2025, total project expenditures reached $156 million, including $110 million in spending and $46 million in prepayments.

GMIN President and CEO Louis-Pierre Gignac stated: “The official launch of construction at Oko West marks a major milestone in GMIN’s evolution into an intermediate gold producer. With financing secured, we are advancing this fully permitted, world-class project using the same disciplined, self-perform approach that delivered Tocantinzinho safely, on time and on budget. Oko West will build on that success as the next cornerstone of our growth strategy, with first gold targeted for the second half of 2027.”

The project currently employs 710 people, including 520 employees and 190 contractors, with over 80% of the workforce being Guyanese nationals. Oko West is located south of the historical Oko gold district, approximately 95 kilometers west of Georgetown. The project covers a prospecting licence area of around 44 square kilometers, fully owned by GMIN’s Guyanese subsidiary.

GMining Ventures focuses on the acquisition, exploration, and development of precious metal projects, leveraging successful mine development to generate long-term value. Oko West represents a strategic addition to the company’s portfolio, complementing past successes such as the Tocantinzinho project, and positioning GMIN for growth as an intermediate gold producer.

In September 2024, GMIN also signed an agreement to acquire the CentroGold Project in Brazil’s Gurupi Gold Belt from subsidiaries of BHP Group. This acquisition, along with the development of Oko West, underscores GMIN’s strategy of expanding its presence in high-potential gold regions across South America.

With capital fully secured and construction underway, the company aims to maintain disciplined execution throughout the project lifecycle. The combination of strong local employment, robust project planning, and strategic expansion reflects GMIN’s commitment to building a sustainable and profitable precious metals business.

Oko West’s development is expected to strengthen GMIN’s position in the gold market, contributing to regional economic growth while advancing the company’s broader growth objectives in the Americas. First gold production, anticipated in the second half of 2027, will mark the beginning of the project’s operational phase and further establish GMIN’s track record of delivering complex, high-value mining projects.