Manganese project to contribute over $2BILLION to Guyana’s economy
– Corporate Income Tax will be $1.5Billion, Royalty $240M, Individual Income Tax $354M and other sundry tax at $52.1M
– company will recruit 540 Guyanese
– first preference to residence in Matthews Ridge, Arakaka, Port Kaituma and Mabaruma
– company will make donations for improvement in medical care, education and other public facilities in Matthews Ridge and neighbouring villages
DPI, Guyana, Friday, January 18, 2019
The Guyana Manganese Inc., (GMI) has committed to invest a whopping $2.2Billion (US$10.63M) manganese project in Matthews Ridge, Region 1, (Barima-Waini).
The project, set to be completed by the end of March this year, is expected to contribute towards Guyana’s economy as $2.3Billion expected to be paid in taxes. Corporate Income Tax will be $1.5Billion, Royalty $240M, Individual Income Tax $354M and other sundry tax at $52.1M.
The company said recently that it will recruit 600 persons, including 540 Guyanese and 60 Chinese. It said first preference will be given to the residence in Matthews Ridge, Arakaka, Port Kaituma and Mabaruma.
It has also committed to maintaining the road from Matthews Ridge to Port Kaituma and dredge the Kaituma river channel. This, it said, will greatly improve the transportation conditions.
Following the commencement of operations, the company will make donations for the improvement in medical care, education and other public facilities in the Matthews Ridge and neighbouring villages.
After commercial production begins, the project will also excavate 2million tonnes of manganese ore to produce 0.5 million tonnes of manganese concentrate. It said annual sales are projected at $15.8M and an estimated $2.2Billion in yearly taxes.
GMI was established in Guyana by Boasai Mineral Group in November 2016. The company has two permissions for geological and geophysical surveys and four prospecting licenses originally issued by to Reunion Manganese.
The two permissions cover an area of 19,770 square kilometres in the northwest of Guyana, while the four prospecting licenses cover an area of 185 square miles.
The manganese project of the company will consist of:
(i) Seven open mining pits
(ii) Ten waste dumps
(iii) One oversized tailings ore pond
(iv) One large reservoir
(v) One processing plant
(vi) One power plant
(vii) One mechanical maintenance plant
Production is expected to last for 13 years.