Oko West, Guyana, October 7, 2025
News Summary
G Mining Ventures has lined up an initial US$387.5 million financing package for the Oko West gold project in Guyana, with an option to increase funding by US$150 million after closing, potentially totaling US$537.5 million. The package includes a US$350 million revolving credit facility and up to US$37.5 million in equipment finance from Komatsu. The company received a five-year environmental permit authorizing construction and operation, and management expects a Final Investment Decision imminently. The debt-based, non-dilutive financing, combined with existing cash flow, positions the project to advance toward construction and production.
G Mining secures financing package worth up to US$537.5 million; environmental permit received and final investment decision expected imminently
G Mining Ventures Corp. has lined up a financing package that can total up to US$537.5 million, received an Environmental Permit for its Oko West gold project in Guyana, and is positioned to make a final investment decision on construction soon. The package includes an initial US$387.5 million of committed facilities and an accordion option of US$150 million available after closing, subject to lender approval and customary conditions.
Key financing and permit highlights
The initial committed financing consists of a US$350 million revolving credit facility and a Komatsu equipment loan of up to US$37.5 million. The revolving facility carries an initial term of up to three years from closing and has pricing based on the Secured Overnight Financing Rate plus a 0.1% credit spread adjustment, with an applicable margin ranging from 2.75% to 3.75% depending on the company’s net leverage ratio. The additional US$150 million accordion would become available beginning six months after closing, subject to lender approval.
The banking syndicate is led by two joint bookrunners and co-lead arrangers, supported by multiple major lenders. Participating institutions in the facility include national and international banks that make up a broad syndicate. Separately, a Master Loan and Security Agreement with Komatsu Finance Chile S.A. will finance procurement of mining and construction equipment through multiple equipment notes with total principal not to exceed US$37.5 million.
Permit, timeline and project readiness
G Mining obtained the Environmental Permit from Guyana’s Environmental Protection Agency on September 2, 2025. The permit is valid for five years through July 2030 and authorizes construction and operation of the Oko West project. The permit followed submission of an Environmental and Social Impact Assessment in November 2024 and nearly two years of baseline environmental and social studies that began with Terms of Reference in early 2023.
With the permit in hand and the financing commitments in place, the company indicated it is positioned to make a Final Investment Decision (FID) later in October 2025. The forthcoming FID will present the forecasted initial capital cost, investment to date, and remaining expenditures required to complete the project.
Project economics, schedule and construction work under way
Oko West is located about 120 km southwest of Georgetown, Guyana, and plans to combine conventional open-pit mining with mechanized long-hole open stoping underground. Indicated mineral resources total 80.3 million tonnes at 2.1 g/t gold, equivalent to about 5.4 million ounces of contained gold, representing roughly 93% of the project’s global resource estimate. Inferred resources add approximately 5.1 million tonnes at 2.36 g/t, or around 400,000 ounces.
Construction is forecast to take 34 months, with commercial gold production expected in the first half of 2028. The company has reported initial capital expenditures of about US$972 million, with roughly US$909 million of capital expenditures remaining according to recent presentations. About US$190 million has already been committed or negotiated for long-lead items such as mobile and marine equipment, grinding mills, the primary crusher, and a power plant.
Early works began in March 2025 and have included development of a wharf on the Cuyuni River, access roads, and construction of a permanent camp, with additional early works such as an airstrip, barge landing facility, communications tower, main access road, power generation, and water and sewage treatment plants. An interim environmental permit earlier in the year allowed some of those early construction activities to proceed.
Financial outlook and corporate context
Management has described the financing as entirely non-dilutive, and highlighted that cash flow from the Tocantinzinho mine in Brazil is already contributing liquidity. Earlier economic modelling showed attractive project returns under a range of assumptions; a referenced scenario produced a post-tax net present value of US$2.2 billion and a post-tax internal rate of return of 27% at a 5% discount rate. Payback estimates were presented at about 2.9 years if gold averages US$2,500 per ounce.
The financing is intended to give the company flexibility to advance development and construction of the 100%‑owned Oko West project while maintaining disciplined capital allocation. A formal construction decision is expected to include further detail on capital spent to date and remaining spending through project completion.
Jobs, governance and next steps
The project is expected to create an average of approximately 1,270 direct permanent jobs during its lifetime. The company has also added an experienced corporate development executive to its leadership team to support capital markets and strategic initiatives. Following the FID, additional financing details and a more detailed construction schedule are expected to be released.
All forward-looking figures and timelines are subject to risks, uncertainties, and further approvals. The company will continue regulatory and community engagement as construction advances and will provide updates at the time of the formal construction decision.
FAQ
What financing has G Mining secured for Oko West?
G Mining has commitments for an initial US$387.5 million financing package—comprised of a US$350 million revolving credit facility and up to US$37.5 million in equipment financing from Komatsu—plus an accordion option of US$150 million available six months after closing subject to lender approval, for a total potential of US$537.5 million.
What are the key terms of the revolving credit facility?
The revolver has an initial term of up to three years from closing. Pricing is based on SOFR plus a 0.1% credit spread adjustment, with an applicable margin between 2.75% and 3.75% depending on net leverage.
Has G Mining received environmental approvals?
Yes. The Environmental Permit for Oko West was issued on September 2, 2025. The permit is valid through July 2030 and authorizes construction and operation of the project.
When is the Final Investment Decision expected?
The company indicated it is positioned to make an FID later in October 2025, at which time further project financing and capital expenditure details will be shared.
What is the expected construction timeline and production start?
Construction is forecast to take 34 months from the formal construction decision, with commercial production targeted in the first half of 2028.
How much remaining capital expenditure is reported?
Recent presentations indicate approximately US$909 million of capital expenditures remain for Oko West, with total initial capital estimated at around US$972 million.
{
“@context”: “https://schema.org”,
“@type”: “FAQPage”,
“mainEntity”: [
{
“@type”: “Question”,
“name”: “What financing has G Mining secured for Oko West?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “G Mining has commitments for an initial US$387.5 million financing package—comprised of a US$350 million revolving credit facility and up to US$37.5 million in equipment financing from Komatsu—plus an accordion option of US$150 million available six months after closing subject to lender approval, for a total potential of US$537.5 million.”
}
},
{
“@type”: “Question”,
“name”: “What are the key terms of the revolving credit facility?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The revolver has an initial term of up to three years from closing. Pricing is based on SOFR plus a 0.1% credit spread adjustment, with an applicable margin between 2.75% and 3.75% depending on net leverage.”
}
},
{
“@type”: “Question”,
“name”: “Has G Mining received environmental approvals?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The Environmental Permit for Oko West was issued on September 2, 2025. The permit is valid through July 2030 and authorizes construction and operation of the project.”
}
},
{
“@type”: “Question”,
“name”: “When is the Final Investment Decision expected?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The company indicated it is positioned to make an FID later in October 2025, at which time further project financing and capital expenditure details will be shared.”
}
},
{
“@type”: “Question”,
“name”: “What is the expected construction timeline and production start?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Construction is forecast to take 34 months from the formal construction decision, with commercial production targeted in the first half of 2028.”
}
}
]
}
Key project features at a glance
| Feature | Detail |
|---|---|
| Potential total financing | Up to US$537.5 million (initial US$387.5m + US$150m accordion) |
| Initial committed package | US$350m revolving facility + up to US$37.5m Komatsu equipment financing |
| Revolver pricing | SOFR + 0.1% credit spread adjustment + margin 2.75%–3.75% |
| Komatsu financing | Master Loan and Security Agreement with Komatsu Finance Chile; equipment notes up to US$37.5m |
| Environmental Permit | Issued Sept 2, 2025; valid through July 2030; authorizes construction and operation |
| Project location | About 120 km southwest of Georgetown, Guyana |
| Indicated resources | 80.3 Mt at 2.1 g/t (≈ 5.4 Moz gold) |
| Construction duration | 34 months |
| Target commercial production | First half of 2028 |
| Estimated remaining capex | Approximately US$909 million (recent presentation) |
Deeper Dive: News & Info About This Topic
Additional Resources
- Mining.com: G Mining eyes Guyana gold project decision
- Wikipedia: G Mining Ventures
- Proactive Investors: G Mining secures financing for Oko West
- Google Search: G Mining Oko West financing
- PR Newswire: Environmental permit for Oko West
- Google Scholar: G Mining Oko West environmental permit
- NS Energy Business: G Mining sets US$972m capex for Oko West
- Encyclopedia Britannica: gold mining Guyana
- Mining Technology: Oko West gold project update
- Google News: G Mining Oko West
Author: Construction CA News
CALIFORNIA STAFF WRITER The CALIFORNIA STAFF WRITER represents the experienced team at constructioncanews.com, your go-to source for actionable local news and information in California and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Rose Parade, Coachella, Comic-Con, and the California State Fair. Our coverage extends to key organizations like the California Building Industry Association and Associated General Contractors of California, plus leading businesses in technology and entertainment that power the local economy such as Apple and Alphabet. As part of the broader network, including constructionnynews.com, constructiontxnews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic landscape across multiple states.
