Guyana’s Natural Resources Sector Soars in 2024 with Record Growth in Gold & Bauxite Production
At the Ministry of Natural Resources’ end-of-year press conference on January 14, 2025, Minister Vickram Bharrat highlighted the impressive growth in Guyana’s natural resources sector, notably in gold and bauxite production, which saw substantial increases in 2024.
Gold production experienced a modest rise, reaching 434,067 ounces in 2024—an increase of 1,954 ounces compared to 2023. Minister Bharrat attributed this growth to the expansion and reactivation of mining operations, as well as the entry of new participants in the sector.
This positive trend marks the first increase in gold production in nearly a decade, signalling a recovery for the industry. Alongside this, gold revenue surged to approximately US$989.9 million, a US$180 million increase from the previous year, driven largely by higher gold prices.
Despite facing challenges such as labour shortages and weather-related disruptions, the gold sector continues to be a major contributor to Guyana’s economy.
Minister Bharrat noted that while recovery rates for small- and medium-scale miners range from 40 to 45%, large-scale producers like Aurora Gold Mine have achieved recovery rates as high as 95%. The government is focused on improving these rates to increase production efficiency and support small-scale miners.
In another significant development, Guyana’s bauxite industry experienced a remarkable turnaround in 2024, producing 1.7 million tonnes of bauxite—an astonishing 225% increase from the 523,732 tonnes produced in 2023.
Minister Bharrat attributed this surge to increased investment and confidence from the Bosai Mineral Group, which expanded its operations in Region Ten.
This revitalization has not only led to higher production levels but also created over 1,000 new jobs in communities such as Linden, Ituni, and Kwakwani, providing a much-needed economic boost to these areas.
Minister Bharrat described the revival of the bauxite sector as a “remarkable turnaround of a sector that was in decline,” and noted that this progress contributes significantly to Guyana’s export capacity, enhancing its position in the global bauxite market.
The government’s commitment to supporting the mining industry through strategic investments and policy reforms is evident in these achievements as the country continues to make strides in its natural resources sectors. With both gold and bauxite production showing impressive growth, the natural resources sector remains a key driver of Guyana’s economic development.
These positive trends reflect the government’s ongoing efforts to foster sustainable growth, enhance production efficiency, and create new job opportunities for Guyanese citizens.
The continued success of these industries bodes well for the country’s future, as it strengthens its role in the global marketplace and ensures the economic well-being of its communities.
