US$50M Bauxite Project for Bonasika, Cuyuni-Mazaruni -Minister Harmon receives courtesy call from First Bauxite Corporation executives

Georgetown, Guyana – (August 24, 2017) Minister of State, Mr. Joseph Harmon, today, 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.

From left: Mr. Robert Corbin, Legal Counsel, First Bauxite Corporation (FBX), Mr. Larry Washow, Chairman of the Board of Directors, FBX Corporation, Minister of State, Mr. Joseph Harmon, Mr. Alan Roughead, President and Chief Executive Officer, FBX Corporation, Mr. Bill White, Chief Financial Officer and Mr. Stanley Ming, Chairman of the Board of Directors of the Guyana Geology and Mines Commission (GGMC).

During the meeting, Mr. 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 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.

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 said.

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.

Minister of State, Mr. Joseph Harmon peruses the Project document as Mr. Roughead explains what the project would entail.

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, earlier today.

 

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