Mineral deal inked for new bauxite mine in Bonasika
Georgetown, GINA, November 24, 2011
Source - GINA
Chief Executive Officer (CEO) of First Bauxite Corporation, Hilbert Shields and Prime Minister Samuel Hinds exchange shake hands after signing the Bonasika Mineral Agreement
First Bauxite Corporation is hoping to be the initial concessionaire to develop vastly underexplored bauxite mining in Bonasika, an area along the Essequibo River with an initial historical resource of 1.6 million tonnes.
The company’s Chief Executive Officer (CEO) Hilbert Shields, Prime Minister Samuel Hinds and Chairman of the Board of Guyana Geology and Mines Commission (GGMC) Major General (retd) Joe Singh were signatories to a mineral agreement with the Canadian company today.
President Bharrat Jagdeo, Presidential Candidate Donald Ramotar, Minister of Finance Dr Ashni Singh and Commissioner (ag) GGMC Karen Livan were among those who witnessed the signing.
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. First Bauxite Corporation has completed a feasibility study and intends to build a mine in 18 months.
Prime Minister Samuel Hinds, the minister responsible for mining said the bauxite belt in the Essequibo River stretches from the Pomeroon area to Bartica, Linden, Kwakwani, Ituni and Orealla.
Shields disclosed that 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.
The energy cost that will be incurred for producing refractory grade bauxite has also been taken into consideration and according to Shields the company will be looking towards kilns and other sources that are more efficient.
The CEO presented a draft copy of the feasibility study to Prime Minister Hinds and said that the company is cognizant that mining practices in today’s world must be done with the environment at heart.
Although the company is Canadian based and the capital will be driven out of Canadian markets, Shields said the expertise and product base will be local.
Today’s agreement follows the historic Aurora Mineral agreement with Guyana Goldfields and another with Sandspring Resources Inc and its affiliate ETK Inc for the development of the Toroparu mines.
President Bharrat Jagdeo, Presidential Candidate Donald Ramotar, Minister of Finance Dr Ashni Singh and GGMC Chairman Major General (retd) Joe Sinh and Commissioner (ag) Karen Livan with Chief Executive Officer (CEO) of First Bauxite Corporation Hilbert Shields and Prime Minister Samuel Hinds at the signing of the Bonasika Mineral Agreement
Manganese mining in the North West District, Region One, has been reinvigorated after agreements were sealed in March this year with Reunion Manganese Incorporated.
President Jagdeo said the aforementioned agreements amount to $2B of cumulative investments and spoke of plans by the Russian Aluminum Company, RUSAL in the Berbice River to expand production to five million tonnes by 2015 and ten million tonnes by 2018.
“That will bring a world of jobs in the Berbice River and will also have a huge impact in New Amsterdam because of the logistic for shipping 10 million tonnes of bauxite versus 1.2 million tonnes,” President Jagdeo said.
Bosai which will be expanding production under another agreement with the government will lead to massive job creation in the Linden area, confirming that Ramotar’s promise of at least 1000 jobs in the community is not a “pipedream” as one newspaper article had stated.
Guyana was the prime location in the world for bauxite in the 1920s and according to Mr. Hinds, supplies were 38 percent of the world market in World War II but with new deposits introduced in countries like Guinea, Jamaica and Australia and bauxite in Guyana reaching the point of exhaustion Guyana began facing difficulties.
He said the People’s Progressive Party (PPP) took office at a time when all seemed lost in Bauxite but “held on” and was able to welcome the Chinese company Bosai to operate in Linden and RUSAL operating in the Bauxite River.
Georgetown, GINA, November 24, 2011
Source - GINA
Chief Executive Officer (CEO) of First Bauxite Corporation, Hilbert Shields and Prime Minister Samuel Hinds exchange shake hands after signing the Bonasika Mineral AgreementFirst Bauxite Corporation is hoping to be the initial concessionaire to develop vastly underexplored bauxite mining in Bonasika, an area along the Essequibo River with an initial historical resource of 1.6 million tonnes.
The company’s Chief Executive Officer (CEO) Hilbert Shields, Prime Minister Samuel Hinds and Chairman of the Board of Guyana Geology and Mines Commission (GGMC) Major General (retd) Joe Singh were signatories to a mineral agreement with the Canadian company today.
President Bharrat Jagdeo, Presidential Candidate Donald Ramotar, Minister of Finance Dr Ashni Singh and Commissioner (ag) GGMC Karen Livan were among those who witnessed the signing.
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. First Bauxite Corporation has completed a feasibility study and intends to build a mine in 18 months.
Prime Minister Samuel Hinds, the minister responsible for mining said the bauxite belt in the Essequibo River stretches from the Pomeroon area to Bartica, Linden, Kwakwani, Ituni and Orealla.
Shields disclosed that 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.
The energy cost that will be incurred for producing refractory grade bauxite has also been taken into consideration and according to Shields the company will be looking towards kilns and other sources that are more efficient.
The CEO presented a draft copy of the feasibility study to Prime Minister Hinds and said that the company is cognizant that mining practices in today’s world must be done with the environment at heart.
Although the company is Canadian based and the capital will be driven out of Canadian markets, Shields said the expertise and product base will be local.
Today’s agreement follows the historic Aurora Mineral agreement with Guyana Goldfields and another with Sandspring Resources Inc and its affiliate ETK Inc for the development of the Toroparu mines.
President Bharrat Jagdeo, Presidential Candidate Donald Ramotar, Minister of Finance Dr Ashni Singh and GGMC Chairman Major General (retd) Joe Sinh and Commissioner (ag) Karen Livan with Chief Executive Officer (CEO) of First Bauxite Corporation Hilbert Shields and Prime Minister Samuel Hinds at the signing of the Bonasika Mineral AgreementManganese mining in the North West District, Region One, has been reinvigorated after agreements were sealed in March this year with Reunion Manganese Incorporated.
President Jagdeo said the aforementioned agreements amount to $2B of cumulative investments and spoke of plans by the Russian Aluminum Company, RUSAL in the Berbice River to expand production to five million tonnes by 2015 and ten million tonnes by 2018.
“That will bring a world of jobs in the Berbice River and will also have a huge impact in New Amsterdam because of the logistic for shipping 10 million tonnes of bauxite versus 1.2 million tonnes,” President Jagdeo said.
Bosai which will be expanding production under another agreement with the government will lead to massive job creation in the Linden area, confirming that Ramotar’s promise of at least 1000 jobs in the community is not a “pipedream” as one newspaper article had stated.
Guyana was the prime location in the world for bauxite in the 1920s and according to Mr. Hinds, supplies were 38 percent of the world market in World War II but with new deposits introduced in countries like Guinea, Jamaica and Australia and bauxite in Guyana reaching the point of exhaustion Guyana began facing difficulties.
He said the People’s Progressive Party (PPP) took office at a time when all seemed lost in Bauxite but “held on” and was able to welcome the Chinese company Bosai to operate in Linden and RUSAL operating in the Bauxite River.
