Guyana Project Valued at $4B Amid Rising Interest from Global Miners

Omai Gold Mines' (TSXV: OMG; US-OTC: OMGGF) project in Guyana has been valued at $4 billion, more than double its estimated costs of $1.42 billion, according to a new economic study.

The preliminary economic assessment (PEA) assumes a gold price of $3,600 per oz and outlines a 24% internal rate of return (IRR) and a 4.1-year payback period for the past-producing project that could mine 6.3 million oz of gold over an 18-year life.

Despite the positive economics, Omai shares were down 1% to $2.96 apiece on Wednesday morning in Toronto, with a market capitalization of $2 billion.