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US$50M bauxite project to proceed next year at Bonasika
– American company to hire 150 workers
Minister of State, Joseph Harmon, yesterday 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
From left: Robert Corbin, Legal Counsel; Mr. Larry Washow, Chairman of FBX Corporation; Minister of State, Joseph Harmon; Alan Roughead, President and CEO; Bill White, Chief Financial Officer and Stanley Ming, Chairman of GGMC.
in Cuyuni-Mazaruni (Region Seven).
The project is set to begin next year with an investment of approximately US$50M.
During the meeting, Alan Roughead, President and Chief Executive Officer of FBX, disclosed that the company is looking forward to starting construction of the project next year and production 12 months after.
“The project is expected to provide employment for over 150 Guyanese,” the Ministry announced.
FBX commenced feasibility work on the Bonasika Project in 2008. Since then, the company said it 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.
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.
It was also disclosed that the administration is currently working to put systems in place, which can ensure that the bureaucracy associated with investments is 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 said.
Larry Washow, Chairman of the Board of FBX; Bill White, Chief Financial Officer; Stanley Ming, Chairman of the Guyana Geology and Mines Commission (GGMC) and Robert Corbin, Legal Counsel of the company, also attended the meeting.
Bauxite is currently being produced in Region 10 – at Linden, Aroaima and Kwakwani, by Chinese and Russian companies. Once a big earner for Guyana, it has fallen behind, but there has been increased interest by overseas investors in recent years.
First Bauxite is a New Orleans, US- headquartered company.
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