G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF) announced that its board of directors has formally approved the start of full construction of its 100%-owned Oko West Gold Project in Guyana, following the completion of permitting and financing milestones.
The mining company said the initial capital cost of construction is US$973 million, which is in line with the Feasibility Study estimate, and detailed engineering is 36% complete.
"The official launch of construction at Oko West marks a major milestone in GMIN's evolution into an intermediate gold producer," G Mining Ventures CEO Louis-Pierre Gignac said in a statement.
"Oko West will build on that success as the next cornerstone of our growth strategy, with first gold targeted for the second half of 2027."
G Mining Ventures noted that procurement and commitments for long-lead items are progressing, with US$334 million committed to date, representing 33% of the total initial capital budget.
The company added that early works construction activities are advancing on schedule.