First Bauxite Corporation looking to net funds for Bonasika mine - officials call on President
Georgetown, GINA, February 24, 2012
Source - GINA
President Donald Ramotar speaking with Chief Executive Officer (CEO) of First Bauxite Corporation Hilbert Shields (clad in blue shirt) and a team of bankers, in the presence of Minister of Natural Resources and the Environment Robert Persaud and Head of the Presidential Secretariat, Dr. Roger Luncheon
After sealing a historic mineral agreement with the Guyana Government, First Bauxite Corporation is now looking to secure funding for the development of the Bonasika mine along the Essequibo River.
Chief Executive Officer (CEO) of the company, Hilbert Shields who accompanied a team of bankers met Head of State Donald Ramotar today, to update him on the latest developments with the company.
Shields told the Government Information Agency (GINA) that the company will be looking to its existing shareholders who have committed US$40M to the project and a bank loan of between US$50M and US$60M.
It is also hoped that capital markets will source the remaining funds to reach the target of US150M to finance the project.
First Bauxite Corporation was awarded the concession to develop the vastly under-explored bauxite minerals in Bonasika along the Essequibo River after signing a deal with the Guyana Government on November 24, 2011.
The area located close to Timehri, has a life span of 44 years and can yield bauxite production of 100,000 tonnes on an annual basis. The company is looking to a schedule of 18 months for the mine’s construction.
“We’re still hoping to stay on that schedule which is to start construction of the mine sometime this year, be able to finish construction by the end of next year and be in commercial production in the early half of 2014,” Shields explained.
The company plans to construct a plant designed to promote environment sustainability, with the use of vertical shafts that have zero emissions thereby averting dust and other pollution.
First Bauxite Corporation has completed a feasibility study and at present there is ongoing exploration on the ground
Prime Minister Samuel Hinds and Chairman of the Board of the Guyana Geology and Mines Commission (GGMC) Major General (retd) Joe Singh were signatories to the mineral agreement with the Canadian company last year.
Georgetown, GINA, February 24, 2012
Source - GINA
President Donald Ramotar speaking with Chief Executive Officer (CEO) of First Bauxite Corporation Hilbert Shields (clad in blue shirt) and a team of bankers, in the presence of Minister of Natural Resources and the Environment Robert Persaud and Head of the Presidential Secretariat, Dr. Roger LuncheonAfter sealing a historic mineral agreement with the Guyana Government, First Bauxite Corporation is now looking to secure funding for the development of the Bonasika mine along the Essequibo River.
Chief Executive Officer (CEO) of the company, Hilbert Shields who accompanied a team of bankers met Head of State Donald Ramotar today, to update him on the latest developments with the company.
Shields told the Government Information Agency (GINA) that the company will be looking to its existing shareholders who have committed US$40M to the project and a bank loan of between US$50M and US$60M.
It is also hoped that capital markets will source the remaining funds to reach the target of US150M to finance the project.
First Bauxite Corporation was awarded the concession to develop the vastly under-explored bauxite minerals in Bonasika along the Essequibo River after signing a deal with the Guyana Government on November 24, 2011.
The area located close to Timehri, has a life span of 44 years and can yield bauxite production of 100,000 tonnes on an annual basis. The company is looking to a schedule of 18 months for the mine’s construction.
“We’re still hoping to stay on that schedule which is to start construction of the mine sometime this year, be able to finish construction by the end of next year and be in commercial production in the early half of 2014,” Shields explained.
The company plans to construct a plant designed to promote environment sustainability, with the use of vertical shafts that have zero emissions thereby averting dust and other pollution.
First Bauxite Corporation has completed a feasibility study and at present there is ongoing exploration on the ground
Prime Minister Samuel Hinds and Chairman of the Board of the Guyana Geology and Mines Commission (GGMC) Major General (retd) Joe Singh were signatories to the mineral agreement with the Canadian company last year.