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 for Oko West that could reach US$537.5 million; environmental permit granted and final investment decision expected imminently
G Mining Ventures Corp. (TSX: GMIN; OTCQX: GMINF) has lined up a financing package that initially provides US$387.5 million for the Oko West gold project in Guyana, with an accordion option allowing lenders to increase the facility by a further US$150 million six months after closing. The company also received a five-year environmental permit authorizing construction and operation of Oko West, positioning management to take a final investment decision (FID) imminently.
Top-line finance and permit details
The initial financing package is comprised of a US$350 million revolving credit facility and up to US$37.5 million in equipment financing arranged with Komatsu Finance. If activated by lenders, the accordion increases total available financing to US$537.5 million. The environmental permit from Guyana’s Environmental Protection Agency is valid for five years and authorizes construction and operation through July 2030.
Financing structure and terms
- The revolving facility has an initial term of up to three years from closing and carries interest calculated as SOFR plus a 0.1% credit spread adjustment, with an applicable margin between 2.75% and 3.75% tied to the company’s net leverage ratio.
- Komatsu Finance Chile S.A. will provide equipment loans under a Master Loan and Security Agreement to finance procurement of mining and construction equipment, with equipment notes totaling up to US$37.5 million.
- The facility is described by the company as non-dilutive, meaning it does not require issuance of new equity to raise the funds.
- The revolving facility syndicate is led by National Bank Capital Markets and Macquarie Bank as joint bookrunners and co-lead arrangers, with participating lenders including several major banks.
Permitting, early works and project readiness
The environmental permit follows submission of a full Environmental and Social Impact Assessment and nearly two years of baseline studies. The permit allows construction activities and operation at Oko West and follows earlier authorizations that enabled limited early works. Early works began in March 2025 and have included development of a wharf, access roads and the permanent camp. Early works items for 2025 were planned at roughly US$200–240 million.
Next steps: FID and capital plan
With the EPA permit and financing arrangements in place, the company is positioned to make a formal FID on Oko West later in October 2025. The forthcoming decision is expected to set out the forecasted initial capital cost, amounts already invested and remaining expenditures to completion. The company has stated that approximately US$190 million has already been committed or negotiated for long-lead items such as mobile and marine equipment, grinding mills, a primary crusher and a power plant, and that initial equipment deliveries were expected in the second half of 2025.
Project economics, timeline and workforce
- Indicated mineral resources: about 80.3 million tonnes at 2.1 g/t gold, equating to roughly 5.4 million ounces; indicated resources account for the large majority of the project resource base.
- Inferred resources: about 5.1 million tonnes at 2.36 g/t gold, or roughly 400,000 ounces.
- Construction is forecast to take 34 months, with commercial production targeted in the first half of 2028.
- Remaining capital expenditures were presented at about US$909 million, with initial total capex projected around US$972 million.
- The project is expected to create an average of around 1,270 direct permanent jobs over its life.
- Earlier economic modelling indicated a payback period under certain gold price assumptions and a multi-billion-dollar post-tax NPV at a 5% discount in prior company presentations.
Financial position and company context
The company is using operating cash flow from a producing mine in Brazil to help fund development. Management characterizes the new financing as increasing financial capacity and flexibility while preserving equity ownership. The package is intended to support continued early works, procurement, and a prompt transition to full construction if the FID proceeds as planned.
Market and corporate notes
The company appointed a new vice-president of corporate development with experience across mining capital markets. Reported market movements showed the company’s shares rising in response to the financing and project progress earlier in October 2025. All forward-looking statements remain subject to customary risks, uncertainties and regulatory conditions.
Risks and caveats
The financing accordion is subject to lender approval and customary conditions and would only be available beginning six months after closing. Project timing, cost estimates, environmental approvals beyond the current permit, equipment deliveries and operational performance remain subject to risk. Statements about jobs, timing and returns are forward-looking and dependent on many factors that could cause actual results to differ.
Contact and follow-up
Further details on financing drawdowns, the full FID package, and the construction schedule are expected to be released by the company at the time of a formal construction decision.
FAQ
What is the total amount of financing available to Oko West?
The initial package provides US$387.5 million (a US$350 million revolving facility plus up to US$37.5 million in equipment financing) with an option for lenders to extend an additional US$150 million, bringing potential total financing to US$537.5 million.
Who are the main lenders and arrangers?
The facility is led by joint bookrunners and co-lead arrangers and includes multiple participating banks. Equipment finance is provided by Komatsu Finance through an agreement to fund mining and construction equipment.
Is the financing dilutive to shareholders?
The company describes the financing as non-dilutive, since it does not involve issuance of new equity as part of the package.
Has the project received environmental approval?
Yes. A five-year environmental permit authorizing construction and operation was issued and is valid through July 2030.
When will the company decide to start full construction?
Management has indicated a final investment decision is expected imminently, with a formal construction decision to be announced around the time of the FID later in October 2025.
What are the expected timelines for construction and production?
Construction is forecast to take about 34 months, and commercial production is targeted in the first half of 2028, subject to risks and approvals.
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Key features at a glance
| Feature | Detail |
|---|---|
| Initial financing | US$387.5 million (US$350m revolver + up to US$37.5m equipment loan) |
| Accordion option | Up to US$150 million available six months after closing, subject to lender approval |
| Interest | SOFR + 0.1% credit spread adjustment + margin 2.75%–3.75% (net leverage dependent) |
| Equipment finance | Komatsu Finance notes up to US$37.5 million |
| Environmental permit | Five-year permit valid through July 2030 authorizing construction and operation |
| Location | Oko West, Guyana, about 120 km southwest of Georgetown |
| Indicated resources | ~80.3 Mt at 2.1 g/t Au (~5.4 Moz) |
| Construction timeline | ~34 months to build; production expected H1 2028 |
| Expected permanent jobs | ~1,270 direct positions on average over the project life |
| Remaining capex | ~US$909 million (company presentation) |
| Company funding sources | Financing package plus cash flow from an existing producing mine |
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 TX News
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