GUYANA · MINING
Key Facts
- What is happening Guyana would earn about US$23 million in royalties on copper at Toroparu, a gold project in western Guyana, by a calculation published in the country on Wednesday, 28 October.
- Why it matters That copper is worth about US$1.5 billion at about US$6 a pound, yet a 1.5% royalty fixed in a 2011 agreement leaves Guyana a very small share.
- The numbers The mine study counts 260 million pounds of copper over 21 years. At the study’s own price of US$4.30 a pound, the royalty would be about US$16 million.
- Who is who Aris Mining, a Canadian gold miner listed in Toronto and New York, owns Toroparu. Guyana’s government signed the royalty deal with its project company, ETK Inc.
- What to watch Aris’s prefeasibility study, a more detailed mine study due in late 2026, then a construction decision expected in early 2027, and any government answer on royalty terms.
- What it means for you For US investors in Aris, copper adds revenue to a gold project. For Guyana, gold drives the government’s take, about US$3.4 billion over the mine’s life.
Guyana’s royalty on copper at the Toroparu gold project is about US$23 million over 21 years, on copper worth about US$1.5 billion. The copper is a by-product, and gold brings Guyana far more.
By a calculation published in Guyana, the country would collect about US$23 million in royalties on copper at Toroparu, a gold project. That copper would be worth about US$1.5 billion at US$6 a pound.
The rate is 1.5%, fixed in a 2011 deal between Guyana and ETK Inc., the local unit of Aris Mining. It matters to US readers because Aris trades in New York, and to anyone following Guyana’s economy beyond oil.
How the US$23 Million Is Calculated
Toroparu’s 2025 study counts 260 million pounds of recoverable copper over a 21-year mine life. At about US$6 a pound, that copper is worth about US$1.56 billion.
A royalty of 1.5% on that value is US$23.4 million, or about US$1.1 million a year. The study itself assumed US$4.30 a pound, which puts the royalty nearer US$16 million.
The US$6 price is an assumption of the calculation, and a higher price would raise the royalty. The royalty is charged on copper sold, not on metal still in the ground.
What the Mine Study Says
Aris Mining published a preliminary economic assessment, an early-stage study, for Toroparu on Tuesday, 28 October 2025. It describes an open-pit mine in the Cuyuni-Mazaruni region of western Guyana.
The study plans 5.0 million ounces of gold, 4.9 million of silver and 260 million pounds of copper over 21.3 years. Initial construction would cost US$820 million.
The copper would leave as a concentrate, a powder holding about 20% copper, through the port of Georgetown. It is a by-product, meaning a metal recovered alongside the main one, gold.
At US$3,000 an ounce for gold, the study puts the project’s after-tax present value at US$1.8 billion. Present value is today’s worth of future profits.
That is an early estimate: the study puts its capital-cost accuracy at minus 30% to plus 50%. A prefeasibility study, a more detailed second stage, is under way and due in the fourth quarter of 2026.
Why Gold Pays Guyana More Than Copper
The mineral agreement, signed on Wednesday, 9 November 2011, gives Guyana 8% of gold sales when gold exceeds US$1,000 an ounce. Silver and copper each pay 1.5%.
At US$3,000 gold, the study puts total royalties at about US$1.19 billion over the mine’s life. By the study’s figures, gold supplies almost all of that and copper about US$16 million.
The study adds about US$2.2 billion in income tax, for a total of about US$3.4 billion to the government. The US$23 million is under 1% of that.
In Plain English
- Royalty is a share of sales paid to the government, whether or not the mine makes a profit.
- Toroparu is a gold project in western Guyana, owned by Aris Mining through its local unit, ETK Inc.
- Aris Mining is a Canadian company, listed in Toronto and on the New York Stock Exchange, with gold mines in Colombia.
- Preliminary economic assessment is an early mine study whose numbers can change a lot.
What It Means for You
Shareholders in Aris Mining, traded as ARIS on the New York Stock Exchange, own a gold project whose copper pays Guyana little. The mine is still at the study stage, the company says.
For Americans following Guyana, the figure shows how an agreement signed years ago can limit what a state earns. No change to the 2011 terms has been announced.
Related reports cover two Americans held in Guyana over gold and a Canadian miner’s gold option deal. The guide to who runs Guyana’s economy adds background.
What Is Not Known
It is not known whether Guyana’s government disputes or plans to change the 1.5% copper rate. No comment from the government or from Aris on the US$23 million figure was found by 29 October.
The US$23 million is a calculation, not a payment, and it depends on a mine that has not been built. Copper prices, output and the study’s assumptions can all change before production.
The 2011 agreement is not public, so its terms come from the company’s technical report. The US$6 copper price is an assumption not tied to an exchange quote, and the prefeasibility study may change the plan.
What Comes Next
On 29 July 2026 Aris said its prefeasibility study is on track for the fourth quarter. That study should update the copper figures, and a construction decision is expected in early 2027.
Frequently Asked Questions
How much will Guyana get from Toroparu’s copper?
About US$23 million over 21 years at US$6 a pound, or about US$16 million at the study’s US$4.30. That is a 1.5% royalty on copper sales.
Is this a new copper discovery?
No. The 260 million pounds come from the company’s October 2025 study. The copper is recovered alongside the gold, not from a separate deposit.
Why is the copper royalty so low?
The 2011 mineral agreement sets 1.5% on copper and other metals, against 8% on gold above US$1,000 an ounce. Gold is the mine’s main product.
How much will Guyana earn from the whole mine?
The study estimates about US$1.2 billion in royalties and US$2.2 billion in income tax at US$3,000 gold, about US$3.4 billion in all. These are early estimates.
Who owns Toroparu?
Aris Mining, a Canadian company listed in Toronto and on the New York Stock Exchange, owns it. Its Guyana unit, ETK Inc., holds the project.
Sources: Aris Mining, NI 43-101 Technical Report, Preliminary Economic Assessment for the Toroparu Project, effective 21 October 2025 (technical report); Aris Mining, news release on the Toroparu study, 28 October 2025; Aris Mining, second-quarter 2026 results release, 29 July 2026 (results); Aris Mining, news release on its New York Stock Exchange listing, 19 February 2026; Aris Mining, Toroparu project page (aris-mining.com); Mineral Agreement between the Government of Guyana and ETK Inc., 9 November 2011, as summarised in the technical report (all accessed 29 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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