Budget 2025: Mining and quarrying sector expanded by 55.9%
The mining and quarrying sector in Guyana experienced an impressive expansion of 55.9% in 2024, driven by robust growth across the oil and gas, bauxite, gold, and quarrying industries.
Senior Minister in the Office of the President with responsibility for Finance and Public Service, Dr. Ashni Singh, shared these figures during the presentation of the 2025 National Budget.
The oil and gas sector, the cornerstone of the mining and quarrying industry, recorded a 57.7% growth in 2024.
This expansion was largely fuelled by increased production from the Prosperity Floating Production Storage and Offloading (FPSO) vessel, Guyana’s third FPSO, which began operations in November 2023.Dr. Singh noted that the Stabroek Block achieved an average daily crude oil production of 616,000 barrels in 2024.
In total, Guyana produced an estimated 225.4 million barrels of crude oil in 2024.Despite facing challenges in the first half of 2024, the gold mining industry managed to achieve a modest growth of 0.5%. Total gold declarations for the year stood at 434,067 ounces.
The bauxite mining industry recorded major growth, expanding by 48.4% in 2024. Production reached 1.7 million metric tonnes, a substantial increase from 523,742 metric tonnes in 2023.
The growth was primarily driven by the operationalization of the Maz Project in Region 10, which boosted output from producers in the area by a staggering 384.5% to 1.5 million metric tonnes.
However, another operator in the Bonasika Bauxite Project faced challenges throughout the year, with production falling from 207,321 tonnes to 173,970 tonnes.
A recovery is anticipated in 2025.Dr. Singh attributed the sector’s strong performance to government policies that encourage investment and enhance operational efficiency across industries. He emphasised that continued growth in the mining and quarrying sector is critical for Guyana’s economic diversification and long-term development.
