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First Bauxite Corporation sourcing funding for the development of the Bonaiska mine
Edited by : AL CIRCLE
1 min read
First Bauxite Corporation is now looking to secure funding for the development of the Bonasika mine along the Essequibo River.
Chief executive officer, Hilbert Shields met President Donald Ramotar yesterday, to update him on the latest developments within the company.
Shields told the government information agency that first bauxite will be looking to its existing shareholders, who have committed forty million, us dollars to the project, and a bank loan of between 50 and 60 million u.s dollars.
It is also hoped that capital markets will source the remaining funds to reach the target of 150 million u.s dollars to finance the project.
First Bauxite Corporation was awarded the concession to develop the vastly under-explored bauxite minerals in bonasika, 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.
First bauxite corporation is looking at a schedule of 18 months for the mine’s construction, with commercial production beginning in the early half of 2014.
Chief executive officer, Hilbert Shields met President Donald Ramotar yesterday, to update him on the latest developments within the company.
Shields told the government information agency that first bauxite will be looking to its existing shareholders, who have committed forty million, us dollars to the project, and a bank loan of between 50 and 60 million u.s dollars.
It is also hoped that capital markets will source the remaining funds to reach the target of 150 million u.s dollars to finance the project.
First Bauxite Corporation was awarded the concession to develop the vastly under-explored bauxite minerals in bonasika, 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.
First bauxite corporation is looking at a schedule of 18 months for the mine’s construction, with commercial production beginning in the early half of 2014.
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