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Guyana assured of stable bauxite prices

Dec 28, 2008 News

While the price of bauxite on the world market has decreased recently, Guyana’s outlook for the product in 2009 will be good.

This is according to President Bharrat Jagdeo, who told the media that, because of the type of bauxite produced in Guyana, the prices will remain stable.

During a recent press briefing, the Head of State noted that Bosai has assured him that 2009 production will be good, according to their forecast.

“They would maintain production levels and sales, and may even increase it,” President Jagdeo said.
He pointed out that, while Rusal may be cutting its workforce around the world, no just losses will occur in Guyana.

Last month, the way was cleared for the single largest investment in Guyana with the signing of the Heads of Agreement in the Bosai Minerals Group.

The project, which will see an investment of US$1B, will pave the way for Linden’s economy to make a huge turn around with the creation of some 700 jobs.

The investment will also see Guyana owning 11 percent of the Guyana Aluminium Incorporation, the new company to be formed to replace the existing bauxite entity. The remaining 89 percent will be held by Bosai Minerals Group of Guyana.

The agreement was signed off by Minister of Finance, Dr. Ashni Singh, and Managing Director of Bosai Minerals, Zhilun Yuan. The investment is almost the size of Guyana’s Gross Domestic Product (GDP).

During the signing ceremony, President Jagdeo stated that the global financial crisis was going to have an impact on the time line of the project, but he is hopeful that the impact will be minimal.

It is rare, the President said, that such a large investment, almost equivalent to the size of the country’s economy, comes to a nation. This will have a positive impact on the overall Gross Domestic Product once handled properly, he added.

Meanwhile, some US$3M is being spent to manage dust nuisance in Linden. This problem sparked protests that actually involved the municipality, and there was the threat of legal action. Residents have been complaining about the large amounts of dust as a result of feasibility studies in the area by the mining company.

The first stage of the correction would be undertaken by the first quarter in the new year, with the introduction of dust suppression equipment.

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