Guyana has signed a mineral agreement with Canadian mining company Mako Mining Corp. for the development of the Eagle Mountain Gold Project, with construction targeted for the third quarter of 2027 and first gold production expected by the end of 2028.
The agreement was signed between the Government of Guyana, the Guyana Geology and Mines Commission (GGMC), Mako Mining and its wholly owned subsidiary, Stronghold Guyana Inc.
The deal establishes the legal, fiscal and operating framework under which Mako will advance the Eagle Mountain project, which has been in the company’s sights for more than a decade.
But despite the signing, commercial production is still more than two years away.
According to the government, Mako has already begun preparatory activities at the project and is expected to move into construction in the third quarter of 2027. Gold production is currently targeted for the end of 2028, although that timeline remains subject to the completion of regulatory and environmental approvals.
The project adds another major development to a mining sector that is being reshaped by Guyana’s oil-driven economic expansion and growing interest in the country’s mineral resources.
The government says the Eagle Mountain development is expected to create employment and training opportunities while increasing the involvement of Guyanese workers, contractors, suppliers and service providers.
The mineral agreement also contains commitments relating to environmental management, community development and social programmes.
For Guyana, the significance of the agreement extends beyond the eventual production of gold. The government is seeking to attract larger-scale investment into mining while ensuring that projects deliver greater economic participation for Guyanese businesses and workers.
Mako has maintained a presence in Guyana for more than 10 years and has developed a relationship with the country’s mining sector through its activities at Eagle Mountain.
The company will now have to move from preparation to construction before the project can begin generating gold.
The Ministry of Natural Resources and the GGMC are expected to oversee the project’s advancement alongside other regulatory agencies, with the government maintaining that development must comply with Guyana’s laws and environmental and social requirements.
With construction not expected until 2027 and production targeted for late 2028, the signing marks the beginning of the next phase for Eagle Mountain — rather than the start of gold production itself.
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