- Guyana president reports country has experienced a threefold increase in its economy since 2020
- Projections forecast continued average annual growth rate for the country of 25% between 2023 and 2026
- Within this environment, Reunion Gold is moving its Oko West project forward on the path to development, which could further contribute to the country’s growth
As Guyana reports continued economic growth and recovery, Reunion Gold (TSX.V: RGD) (OTCQX: RGDFF) is strengthening its position as a leading gold explorer in the Guiana Shield.
“Guyana has undergone a remarkable economic transformation, experiencing a threefold increase in its economy since 2020,” reported the Guyana Chronicle, the country’s newspaper (https://ibn.fm/n5LJT). Covering a press conference held by Guyana president Dr. Irfaan Ali, the article noted that “the news of Guyana’s nominal gross domestic product (‘GDP’) surging from $1.1 trillion in 2020 to an impressive $3.1 trillion by the end of 2022 has positioned the nation as the fastest-growing economy in the world.
“The Head of State said that the momentous growth can largely be attributed to the successful commencement of oil production at the Lisa Unity FPSO, marking a new era of prosperity for the country,” the article continued. President Ali’s announcement during the press conference highlighted the significance of this milestone in Guyana’s economic trajectory.
“This extraordinary accomplishment, [Ali] said, comes in the face of a challenging global crisis that has inflicted human costs and exposed vulnerabilities in the global food and energy supply,” the article continued. “While global inflation peaked at 8.9% last year and is projected to remain elevated at 6.1% this year, Guyana has emerged as a beacon of economic strength. President Ali further revealed that Guyana is poised to continue its exceptional growth trajectory in the coming years.”
The article reported that Guyana is forecast to achieve an average annual growth rate of 25% between 2023 and 2026. And the growth isn’t just in oil production. “Guyana’s non-oil growth is estimated to reach an impressive 7.9% this year, building upon the remarkable 11.5% growth achieved in the previous year,” the article stated.
With that strong economic performance as a backdrop, Reunion Gold is positioning itself to leverage the strength of the economy while also contributing to the country’s growth. The company is a leading gold explorer in the Guiana Shield, which is made up of Guyana, Suriname and French Guiana.
“The Guiana Shield remains one of the most prospective locations globally for the discovery of world-class orogenic gold deposits,” the company reports. “Guyana, Suriname [and] French Guiana all contain large greenstone belts, from which we expect many more significant gold discoveries could emerge in the coming years.
“The Guiana Shield is already well-endowed with substantial gold deposits,” the company continued. “So far, at least 15 gold mines and deposits hosting at least 50 million ounces of gold have been recognized in the Guiana Shield. Despite the geological prospectivity of this region, significant gold discoveries remain limited due to a lack of exploration. This is the opportunity that we at Reunion Gold are trying to capture.”
Reunion Gold’s Oko West Project in Guyana comprises a prospecting license with an area of approximately 44 square kilometers and is 100% held by the company through its local subsidiary. Guyana is recognized as a mining-friendly jurisdiction, and in the 2022 Fraser Institute ranking of mining investment attractiveness, the country increased to no. 22 in the world and the top country in South America. The company’s leadership together has accumulated more than 225 years of combined experience in the Guiana Shield, ideally positioning the company to make the most of the country’s growing economic stability.
For more information, visit the company’s website at www.ReunionGold.com.
NOTE TO INVESTORS: The latest news and updates relating to RGDFF are available in the company’s newsroom at https://ibn.fm/RGDFF
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