…Govt hails progress of company thus far

Government said it welcomes and supports the efforts of natural resource company, First Bauxite Corporation (FBX), which has commenced bauxite mining and processing at its facilities at the Bonaskia Bauxite Project, Sand Hills, Region Three.

This brings to three, the number of commercial bauxite operations in Guyana following Rusal’s and Bosai’s operations in Region 10, a release from the Ministry of Natural Resources said.

In November 2017, the company received approval from the Ministry of Natural Resources 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. It 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 Bonasika Bauxite Project has a current mine life of 15 years at an annual production rate of 300,000 MT, and is set to inject over US $387.35 million into the local economy during these years. The ministry is particularly pleased that over the past three years, it has worked with the principals of the company to the point of formal announcement of commencement of the project in 2018.

To date, Guyanese have benefited 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.

Further, the ministry commends the company’s 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. This 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. Also, during the years of the mine’s life (15 years), FBX will stand all costs associated with electricity, potable water, school materials and sports equipment among others.
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 fulfilment 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 for our country since Guyana Manganese Inc.’s US $10.63 million Manganese project at Matthews 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 and government of Guyana greatly appreciate FBX’s investment in our country particularly, in our people and communities. The Government continues to encourage the sustainable use of our country’s natural resources to the benefit of all Guyanese.