-following signing of mineral pact with Guyana Gov’t
Mako Mining Corp. expects to begin producing gold at the end of 2028 at Eagle Mountain in Region Eight following the clinching of a mineral agreement yesterday with the Guyana Government.
A release from the Ministry of Natural Resources said that the Vancouver, Canada-based company has already begun preparatory works and is expected to commence construction by the third quarter of 2027. Gold production is currently estimated to begin by the end of 2028, subject to the completion of the requisite regulatory and environmental approvals.
Mako Mining in a statement said that the Agreement provides the Company and its 100%-owned subsidiary, Stronghold Guyana Inc., with a stability framework covering legal, fiscal and operating conditions for the Eagle Mountain Gold Project in Region Eight, around eight km from Mahdia.
The Agreement comes under Guyana’s Mining Act and provides legal stability for mining licences, prospecting licences, 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. Terms related to royalties, taxes, protections, government undertakings and Company commitments in respect of training and the prioritization of qualified Guyanese workers, goods, services and contractors are consistent with current standard terms as established in prior mineral agreements in Guyana”, the statement from Mako Mining said.
The Agreement also outlines the Company’s commitments regarding environmental initiatives, community development and social programmes. Annual funding will begin no later than twenty-four months from the date of the grant of the mining licence or twelve months from the start of production, whichever comes first. In addition, the Company will make an annual contribution to the Ministry of Natural Resources’ Training Centre.
Steve Parsons, President of Mako, said: “The signing of the mineral agreement marks a significant milestone for Eagle Mountain and represents an important step in advancing and de-risking the Project by providing greater certainty around key legal and fiscal terms. Equally important, the commitments relating to employment, training, environmental stewardship, and community development are closely aligned with Mako’s core values and the approach our teams employ with success across our portfolio of mines and projects”.
The Company said it remains focused on advancing the permitting and regulatory process required to obtain Environmental Authorization for the Project. The Environmental and Social Impact Assessment (“ESIA”) was submitted to the Guyana Environmental Protection Agency in March 2026, and the public comment period was completed in June 2026. The Company anticipates filing the final ESIA, incorporating feedback received from stakeholders and regulatory authorities, during the fourth quarter of this year with a permitting decision by the Environmental Protection Agency thereafter.
The Ministry of Natural Resources said that Mako Mining has maintained a presence in Guyana for over 10 years and has, through its activities, developed a longstanding relationship with the country and its mining sector.
“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 ministry said.
The Eagle Mountain Gold Project is an advanced-stage gold development PEA stage project located in west-central Guyana, approximately 200 km south-southwest of Georgetown and 8 km from Mahdia. The project covers approximately 5,050 hectares and is anchored by a 100%-owned prospecting license held by Goldsource Mines Inc.. Additional land interests include agreements with local partners to operate within medium- and small-scale mining permits, ensuring compliance with Guyanese mining regulations.
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.
Mako Mining operates the San Albino gold mine in Nueva Segovia, Nicaragua, which it says ranks as one of the highest-grade open pit gold mines globally and offers district-scale exploration potential. Mako also owns two assets in the US: the Moss Mine in Arizona, an open pit gold mine in northwestern Arizona and the Mt. Hamilton Project.
Discussion