General Manager of the Linden-based Bosai Minerals Group (Guyana) Inc, Eric Yu, has refuted recent reports in the media that inferred that the Chinese company was not paying dividends.
According to a National Industrial & Commercial Investments Ltd (NICIL) release, Yu made this disclosure advising that Bosai through its head office in China recently remitted US$3 million to NICIL. The press release from NICIL was the first indication of the payment of a dividend from the bauxite operations. It is unclear how much has been payable over the life of Bosai’s operations compared to what has been received.
The Bosai Guyana GM stated that while his company has been unable to pay dividends for years, amends are now being made and they have signalled their intention of settling accounts hence the recent payment to NICIL.
He assured that Bosai has always been committed and dedicated to having all dividend-related matters and issues settled and that the management of his company both locally and internationally was involved in the lengthy negotiations with NICIL to ensure that the matter was settled “amicably and fairly to the parties involved.” He added, “I must commend the management of NICIL as they played a pivotal role in having this dividend payment addressed. The CEO of NICIL is a very strong, persistent and patient negotiator, while we have some concerns and they have not all been addressed we are satisfied that the negotiation led by NICIL was one that saw everyone involved coming to a consensus.”
Yu reiterated his company’s commitment to further expanding its operations in Guyana and disclosed that the two kilns that are currently under construction are expected to be completed in another 18 months to two years. Yu emphasised that his company will assist in advancing and improving how bauxite is extracted from Guyana. He said that the kilns would “certainly help in boosting operations” noting that the company intends to strengthen its relationship with the government and people of Guyana through their continued investment in Guyana.
Head of NICIL’s Special Purpose Unit, Colvin Heath-London in his comments regarding the issue stated that NICIL has a responsibility to its line ministry and by extension the people of Guyana to ensure it receives its “fair due.” He added that the board and staff of the entity take this responsibility seriously and that NICIL will soon be releasing a press statement on this development.
Bosai’s Public Relations Officer (PRO) Vanessa Mitchell-Davis remarked that the company was pleased to have made the payment. She observed that since the commencement of the negotiations, the company’s primary goal was to keep its operations moving slowly in order to ensure that their workforce is “compensated properly” while seeking to contribute to a number of social projects and programmes in a significant way.
“There have and continues to be a number of negative comments about Bosai but what many persons do not know is that Bosai has been meaningfully contributing to the continued development of this country. Bosai currently has over 600 employees with the workforce expected to increase by another 200 in two years’ time with the construction of two kilns,” the PRO declared.
Mitchell-Davis emphasised that the payment of US$3 million is an indication of the “excellent relationship” that already exists between Bosai and NICIL while acknowledging that NICIL continues to provide the required assistance and support, thus further strengthening the relationship. “We have our own challenges and difficulties but we are very pleased with the great relationship that both organisations have and we intend to maintain such, I can assure you that Bosai is very pleased and looks forward to continue working with NICIL as they seek to represent the government in a number of ways,” the PRO added.
