Canadian gold mining and exploration company, Mako Mining has signed a mineral agreement with the Guyana government.

The agreement provides the company and its subsidiary, Stronghold Guyana Inc., with a stability framework covering legal, fiscal and operating conditions for the Eagle Mountain gold project in Guyana.

The Eagle Mountain Gold Project is an advanced-stage gold development project located in Mahdia. The project covers approximately 5,050 hectares of land.

Eagle Mountain is being advanced as a conventional open-pit gold mining operation, with sufficient land area to support the proposed mine plan and associated infrastructure, including processing facilities, waste storage, and tailings management areas.

In a statement, the Ministry of Natural Resources explained that the company has already commenced preparatory activities and is expected to commence construction by the third quarter of 2027, with gold production currently estimated to commence by the end of 2028, subject to the completion of the requisite regulatory and environmental approvals.

“The government welcomes the investment and the opportunities that the project can bring to Guyana, particularly in the areas of employment, training and skills development, as well as the increased participation of qualified Guyanese workers, contractors, suppliers and service providers,” the Natural Resources Ministry said.

The agreement provides legal stability for mining licenses, prospecting licenses and authorizations, as well as fiscal terms for 10 years, subject to specific environmental provisions. Following the initial 10-year term, the parties may negotiate modifications in good faith or renew on the same terms and conditions.

The agreement also caters for commitments relating to environmental stewardship, community development and social programmes

The Ministry of Natural Resources, together with the GGMC and other relevant agencies, will continue to work with Mako Mining to facilitate the responsible advancement of the Eagle Mountain Project while ensuring compliance with Guyana’s laws and the protection of the country’s environmental, social and economic interests

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