The Guyana Manganese Inc. (GMI) says it will invest an estimated GUY$2.2 billion (one Guyana dollar=US$0.004 cents) in a project in Matthews Ridge, a small town in the north-west district of the country.
The project, set to be completed by the end of March this year, is expected to contribute towards Guyana’s economy with an estimated GUY$2.3 billion expected to be paid in taxes.
The company said it would also recruit 600 persons, including 540 Guyanese, and that first preference will be given to the residents in Matthews Ridge, Arakaka, Port Kaituma and Mabaruma.
The project will also involve the excavation of two million tonnes of manganese ore to produce 0.5 million tonnes of manganese concentrate. GMI is projecting annual sales at GUY$15.8 million.
GMI was established here by the Chinese-owned Boasai Mineral Group in November 2016. The company has two permissions for geological and geophysical surveys and four prospecting licenses originally issued to Reunion Manganese.
The two permissions cover an area of 19,770 square kilometres in the northwest of Guyana, while the four prospecting licenses cover an area of 185 square miles.
