Guyana Bauxite sector sees 41.9% growth in first half of 2012

Attracting investors to the mining town of Linden is key to government’s developmental agenda for the people and the region.

As such, Finance Minister Dr. Ashni Singh explained that investors continue to express interest in the mining sector that has contributed significantly to the Gross Domestic Product for the first half of 2012.

The bauxite sector has grown significantly for the first half of 2012 to 41.9 percent and the export earnings amounted to US79.4M.

Finance Minister Dr. Ashni Singh said the figure shows a 21.8 percent increase. Turning his attention to linden, he believes that continued normalcy in the region is vital.

“I will continue to make the point that normalcy in Linden was and continues to be in the best interest of Lindeners and it’s extremely important that Linden continues to be a place that investors want to do business” Dr. Singh said.

“Linden has good natural resources and it has talented people and we need to attract investors like we have been attracting we need to continue to attract investors to linden so that economic activity in that town can continue to grow.”

Guyana has been able to attract two major bauxite companies that have invested significantly in the sector, despite the challenges the sector faces worldwide. The minister explained that the growth locally is an extremely positive and encouraging development.

“This of course is an extremely positive encouraging development, we have worked hard to attract overseas investment in the bauxite sector…we now have BOSAI and RUSAL as international investors, who we were able to attract in Guyana because of the work that we have done to make Guyana a place where international investors would want to come and do business,” Minister Singh said.

Dr. Singh is hopeful that normalcy will continue in the mining town, bauxite operations will resume at the level it was at during the first half of the year for continued strong performance in the sector.