RUSAL says committed to Guyana operations

Russian Aluminum company – RUSAL which owns 90% of the Berbice-based Bauxite Company Guyana Inc., has expressed its commitment to doing business in Guyana.

Several concerns about the local operation were raised after U.S. imposed sanctions on seven Russian companies and their owners, including RUSAL and its owner Oleg Deripaska. The sanctions against the Russian company explicitly bar U.S. entities from doing business with RUSAL, but the impact also extends to companies outside the United States.

This had forced the company to stop all loading of its barges.

However, Finance Minister, Winston Jordan on Friday said he has received a message from RUSAL’s Representative, Vladimir Permyakov who said the company “resumed its unloading and transshipping operations at Aroaima and Kurubuka.”

“Such a decision came after talks between RUSAL and Olendorf headquartered in Germany. Accordingly, BCGI resumes its full-scale mining and production activities. The company is still committed to its business and social engagements in Guyana,” the Minister said.

Deripaska had deemed the sanctions “groundless, ridiculous and absurd.” But the move triggered the worst financial crisis the company has faced since its operations with its stocks and bonds tumbling earlier in the week.