Canadian mining firm First Bauxite Corporation (FBX) updated Guyana’s president on a US$50 million bauxite project set to begin construction next year.
According to a press release from the Ministry of the Presidency, FBX’s president and chief executive officer Alan Roughead contacted Guyana’s Minister of State Joseph Harmon on Thursday and provided an update to the project planned for Bonasika in Guyana’s northwestern Cuyuni-Mazaruni region.
The project is scheduled to commence construction next year, with production from the resulting mines to occur twelve months later, according to Roughead. Almost a decade of due diligence has gone into the project, including US$20 million in developing the resource, three feasibility studies, and two major production trials.
Harmon said that the government welcomes the investment as well as the 150 new positions the project adds to Guyana’s economy.
“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 went on to say that his government continues to seek out investors and is working to reduce the bureaucracy faced by capital investments in his country.