Canadian miner eyes first gold at Eagle Mountain in two years

Last Updated on Thursday, 10 September 2026, 17:11 by Written By Denis Chabrol

Canada-headquartered Mako Mining is investing as much as US$120 million  to build a gold mining facility at Eagle Mountain which is expected to begin production by December 2028, the company’s Chief Executive Officer Akiba Leisman said Thursday.

He told Demerara Waves Online News that ahead of a revised reserve estimate, the company currently hopes to extract 1.1 million ounces of the precious yellow metal from an open-pit gold mine. “There is a total right now in all categories of resource of approximately 1.8 million ounces of which our mine plan to extract roughly 1.2 million ounces by resources in the ground was developed at the beginning of 2024. Now, we are going to revising that over the course of the next year before the mine begins construction but it is currently anticipated that we’ll recover approximately 1.1 million of that 1.2 million internal resource,” he said.

Mr Leisman said Eagle Mountain, located near Mahdia in Region 8 (Potaro-Siparuni), is projected to have a mine life of 15 years.

He said the company had already invested more than US$30 million and has already begun early construction works of minor infrastructure for the mine located about 200 kilometres south-west of Georgetown. Major works are expected to begin during the third quarter of 2027 and would last about 14 to 15 months until “first gold pour”.

The company intends to hire about 250 Guyanese workers directly, he said.

In a statement announcing the inking of a mineral agreement with the Guyana government, Mako Mining said the accord 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 Guyana.

Mako Mining explained that the agreement is structured as a mineral agreement 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 company said.

The agreement also outlines the company’s commitments regarding environmental initiatives, community development and social programs, the company says.

Annual funding will begin no later than 24 months from the date of the grant of the mining licence or 12 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 with funding dedicated to training, capacity building, and institutional development.

The Ministry of Natural Resources says the company 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 signing of the Mineral Agreement represents an important milestone in advancing the development of the Eagle Mountain gold resource and reflects the government’s continued commitment to facilitating responsible investment in Guyana’s mining sector,” the ministry said in a statement.

Steve Parsons, President of Mako, commented: “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. We appreciate the support of the Ministry of Natural Resources and the GGMC and look forward to continuing our collaborative approach as we advance the Eagle Mountain Project under this new mineral agreement,” he was quoted as saying in a statement.

Looking ahead, Mako Mining says it remains focused on advancing the permitting and regulatory process required to obtain Environmental Authorization for the Project. The Environmental and Social Impact Assessment was submitted to the Guyana Environmental Protection Agency in March 2026, and the public comment period was completed in June 2026. The company says it anticipates filing the final ESIA, incorporating feedback received from stakeholders and regulatory authorities, during the fourth quarter of 2026 with a permitting decision by the Guyana Environmental Protection Agency thereafter.

The Natural Resources Ministry promises that, together with the GGMC and other relevant agencies, will continue to work with Mako Mining to facilitate the responsible advancement of the Eagle Mountain Project while ensuring compliance with Guyana’s laws and the protection of the country’s environmental, social and economic interests.