First Bauxite Corporation says it is moving towards acquiring the necessary funds to commence construction of a bauxite mine at Bonasika, in the Essequibo River, early next year.
This was disclosed yesterday by the company following the signing of a multi-million dollar mineral agreement with the Government of Guyana at the Office of the President.
CEO of the Canadian Company Hilbert Shields stated that the construction will take approximately 18 months and that he is hopeful that it will be commissioned by the end of 2013 and start producing in 2014.
First Bauxite, Shields said, is going to be focused on bauxite development in an area that had initial historical resources of 1.6 million tonnes. “We’ve evolved into a world class exploration team, we’re comfortable with the challenges of exploring for bauxite in Guyana, we’ve grown by historical resources from 1.6 million tonnes to over 12 million tonnes, which will now support the project with more than four years supply in our reserve space based on a production level of 100,000 tonnes per year,” he explained.
He further stated that the company is also focusing on implementing environmentally friendly designs for its operations.
This, he said, would include equipment which would contribute to the reduction of emissions.
“We recognize that in today’s world, the mining practices have to be sustainable and it has to be environmentally friendly,” Shields added.
He had previously reflected on discussions with Transport Minister Robeson Benn, who he said spoke of challenges faced in the bauxite industry.
He said that Benn had noted several changes that need to be made to better the dynamics of the industry in Guyana.
Prime Minister Samuel Hinds said that it has been known for some time that Guyana possesses wealth in the bauxite field. This wealth, he said, stretches from the Pomeroon area to Bartica, Linden, Ituni, Kwakwani and onto Orealla.
He explained that while deposits north of the Linden area were known, no arrangements were ever made for their commercial exploitation. He further commended Shields for taking up challenge.
Hinds said that this mineral agreement is much the same as the Omai Agreement as well as the Aurora agreement which was recently signed.
According to the Government Information Agency, Shields said that the company plans to construct a plant designed to promote environment sustainability, with the use of vertical shafts that have zero emissions thereby averting dust and other problems.
The energy cost that will be incurred for producing refractory grade bauxite has also been taken into account and according to Shields the company will be looking towards kilns and other sources that are more efficient.
Shields presented a draft copy of the feasibility study to Prime Minister Hinds and said that the company is cognizant that mining practices in today’s world must be carried out with the environment at heart.
Also addressing the forum was Chairman of the Guyana Geology and Mines Commission (GGMC) Board of Directors Major General (rtd) Joe Singh, who noted that the magnitude of investment into the bauxite industry can be considered a very significant one, adding that the impacts of such investments are positive.
Present at the meeting were President Bharrat Jagdeo and Finance Minister Ashni Singh.
