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First Bauxite Corp. to inject US$387.3M into economy over 15-year period
First Bauxite Corporation (FBX) has commenced mining and processing at its facilities at the Bonasika Bauxite Project, Sand Hills, Region Three, and is expected to inject over US$387.3M into
Current First Bauxite Corporation mining operations
the local economy over a 15-year period. This is according to the Ministry of Natural Resources.
In November 2017, FBX received approval from the Ministry and the Guyana Geology and Mines Commission for export shipment of up to 40,000 metric tonnes of bulk bauxite material for testing and product development.
Yesterday, the Natural Resources Ministry said that FBX commenced actual mine production in the first quarter of 2018. FBX now mines the high quality, industrial minerals grade Bonasika bauxite deposit in the area. This high-grade deposit is unlike any other found anywhere else in the world.
The Ministry indicated that Bonasika Bauxite Project has a current mine life of 15 years at an annual production rate of 300,000 Metric Tonnes (MT), and is set to inject over US$387.35M into the local economy during these years.
The Ministry said that it is particularly pleased that over the past three years, it has worked with the principals of the company to the point of the formal announcement of the commencement of the project in 2018.
“To date, Guyanese have benefitted from the job creation driven by the project’s execution and continuing expansion. FBX currently provides jobs for approximately 238 Guyanese functioning as contracted, permanent, casual, expat and management staff, with over 25 originating from the Sand Hills community,” the Ministry said.
Further, the Ministry commended FBX for commitment to its Corporate Social Responsibility (CSR), as it has committed a total of US$1.259 million towards the development of the Sand Hills community.
First Bauxite Corporation is currently mining and processing at its facilities at the Bonasika Bauxite Project, Sand Hills, Region Three.
The Ministry said that the sum will aid in the completion of 2019 community projects relating to the construction of a new school building, electricity reticulation to community houses, potable water supply, contribution to the new church building fund, along with secondary and university student scholarship assistance.
“FBX also initiated a community investment programme in 2016 covering playground development, the installation of solar panels, library work, and placement water tanks and other infrastructure for the local school. Notwithstanding the fulfillment of their CSR, the company’s projected payments to the Government of Guyana (GoG) will reach well above US$49.77 million over the 15 years. This also bodes well with our country since Guyana Manganese Inc.’s US$10.63 million Manganese project at Matthew’s Ridge is set to commence production in the first half of this year, which will see that company paying a total of US$10.8 million per year in taxes to the GoG,” the Ministry said.
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