Guyana: Gold Miners Encouraged to Form Large High-Tech Mining Company in Guyana

President Irfaan Ali announced on Friday that the government of Guyana is encouraging the establishment of the country’s first large-scale gold mining company, which would involve collaboration among large, medium, and small-scale miners. During the formal commissioning of Citizens Bank Guyana’s new branch in Bartica, he stated, “Instead of having large miners from around the world taking up the large scale opportunity, 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 owned by Guyanese, built by Guyanese.”

Ali emphasized that this initiative would broaden financial participation and access, promoting greater financial inclusion across various levels of society. He also expressed concern regarding the exploitation of small miners by other categories of miners.

In relation to Citizens Bank, the President mentioned that the bank has agreed to set up a desk in the government service center in Kamarang to assist residents in that area and in upper and middle Mazaruni. Additionally, discussions are ongoing to establish a development bank desk and an electronic identification card desk at the Bartica branch of Citizens Bank.

Ali also referenced a proposed Guyanese Diaspora Bond, which would allow overseas-based Guyanese to invest in sectors such as fertilizer and gas bottling plants, agriculture, and infrastructure. However, he did not provide a specific timeline for the bond’s launch, which he had previously indicated would occur within a week of May 26, 2026.

Eton Chester, Managing Director of the Bartica Branch of Citizens Bank, reported that since its establishment 26 years ago, the branch has disbursed loans exceeding GY$5.5 billion, supporting various sectors including homes, businesses, and transportation in Region Seven (Cuyuni-Mazaruni). He noted that approximately GY$1.8 billion of these loans were disbursed in the past five years, reflecting increased economic activity in the region. The new branch, set to open on July 22, 2026, replaces the original smaller facility and features modern amenities, serving 7,000 customers with an expanded staff of 17 members.

Source: demerarawaves.com