US$50M Bauxite Project for Bonasika, Cuyuni-Mazaruni

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Minister of State, Joseph Harmon on Thursday received a courtesy call from Executive members of the First Bauxite Corporation (FBX) at the Ministry of the Presidency, where he was updated on their project at Bonasika in Cuyuni-Mazaruni (Region Seven), which is due to begin next year with an investment of approximately US$50M.

According to a release from the Ministry of the Presidency, during the meeting, Alan Roughead, President and Chief Executive Officer of FBX, told Minister Harmon that the company is looking forward to starting construction of the project next year and production 12 months thereafter.

The release noted that the project is expected to provide employment for over 150 Guyanese. FBX commenced feasibility work on the Bonasika Project in 2008. Since then the company has expended US$20M on developing the bauxite resource located in this area and has completed three feasibility studies. The company has also conducted two major production trials in Guyana over the past two years.

Mr. Alan Roughead, President and Chief Executive Office of First Bauxite Corporation presents Minister of State, Mr. Joseph Harmon with the Project Document during their meeting at the Ministry of the Presidency

Minister Harmon said that the Government welcomes the investors and looks forward to the employment opportunities, which will be created for Guyanese, once the project is up and running. He noted that Guyana is always open for investment and to create a more conducive environment for business, he said that the administration is currently working to put systems in place, which can ensure that the bureaucracy associated with investments are reduced.

“We are committed to investment in Guyana. We are on a path of fresh approaches as the Minister of Finance loves to say and we want to expedite the systems so that it does not hinder investments. The quality of services must be improved,” he was quoted as saying in the release.

Mr. Larry Washow, Chairman of the Board of FBX; Mr. Bill White, Chief Financial Officer of FBX; Mr. Stanley Ming, Chairman of the Board of Directors of the Guyana Geology and Mines Commission (GGMC) and Mr. Robert Corbin, Legal Counsel of the company, also attended the meeting.

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