Latest update April 1st, 2025 5:37 PM
VP Jagdeo supports pushing Omai to begin gold production
Elaine Ellingham, President and Chief Executive Officer (CEO) of Omai Gold Mines.
Kaieteur News – Vice President Bharrat Jagdeo on Thursday said that he would “wholeheartedly support” any move by his government to push Canadian gold Company, Omai, into production.
His response came after Kaieteur News on Thursday reported that Omai’s President and Chief Executive Officer, Elaine Ellingham said that the Guyana Government has been pushing the company to get into gold production. She reportedly made the comments in March this year during an interview with Crux Investor, streamed on its YouTube Channel.
Vice President, Bharrat Jagdeo
On Thursday Kaieteur News asked the VP if the OMAI CEO’s statement was accurate. He replied, “I don’t like to comment on when Kaieteur News says what people have said. However, if there is any push to get production going it’s because the Omai gold mine has been in the development stage for a very, very long time and we would like to see people moving from proving reserves to actually producing gold.”
Jagdeo explained that some companies would raise funds to prove reserves and keep announcing the amount of gold in the reserves without getting into the real production.
“It’s only when you when you get to the production stage that the government gets its share of royalty and taxes because the large-scale mines have to pay both the royalty and taxes,” Jagdeo said before adding “So if there is any move by any part of the government to push them into production then I will support that wholeheartedly because they have been at the development stage for a longtime”.
Ellingham during the interview with Crux Investor- an analysis platform that provides in-depth insights on mining stocks and investments – highlighted a meeting with Guyana’s President Irfaan Ali, emphasising the government’s enthusiastic support for mining initiatives.
Ellingham stated, “He’s (President Ali) got a lot on his plate and you can imagine the offshore oil business in Guyana is just attracting so much foreign interest and foreign investment.”
However, Omai’s CEO stated that Guyana’s head-of-state still finds time to stay updated on the company’s progress. “But you know, they really value mining, they remember when Omai was in production…so Omai in particular has kind of a special place in the hearts and souls,” Ellingham stated.
“They always wanna know how Omai is doing and how soon it can be in production so we need to forge forward,” she added.
The CEO noted that the Ministry of Natural Resources and the Guyana Geology & Mines Commission (GGMC) are equally keen to see Omai back in production soon and underscored Guyana’s unique position among global jurisdictions, noting the government’s proactive role in fostering mining activities. She remarked, “There’s very few jurisdictions in the world, where you know you have a government that’s kinda routing for you and wanting to see you advance.”
This publication had reported that the results from its first Preliminary Economic Assessment (PEA) for the Wenot Project revealed that the project is slated to yield over 142,000 ounces of gold annually over a 13-year mine life. At its peak, production is anticipated to soar to 184,000 ounces in a single year, with a total estimated production of 1,840,000 ounces of payable gold.
On February 8, 2024, the Company announced an updated Mineral Resources Estimate (MRE) for the Omai Property. The combined estimates from the Wenot and Gilt Creek deposits stands at 2.0 million ounces of gold grading at 2.15 g/t gold in the indicated category and 2.3 million ounces of gold grading at 2.26 g/t in the inferred category. This represents a notable increase compared to the previous resource estimate conducted in October 2022, with indicated ounces seeing a 4% uptick and inferred ounces experiencing a substantial 28% surge.
Back in 2020, Omai re-entered Guyana’s mining industry. The company had said that their work completed thus far, has put them on track to become the next large-scale gold mine to open in Guyana. Notably, by 2026, Omai and three other Canadian mining companies are expected to start gold production in their respective mining projects in Guyana. This was revealed by Senior Minister within the Office of the President with responsibility for Finance, Dr. Ashni Singh during his 2024 budget estimates presentation.
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