Canada's First Bauxite still hunting for financing its Bonasika mining venture

Canada’s First Bauxite Corporation is yet to find a source to finance its proposed bauxite mining project at Bonasika. The delay has posed a major impediment in the start of construction of the mine.

“They still looking for financing, it’s very difficult now,” said Commissioner of the Guyana Geology and Mines Commission Rickford Vieira in a statement recently. He said that the company had done a proposal and asked for more time.

First Bauxite was supposed to begin construction by the end of January next year on receipt of two extensions; however, the delay in finding any potential source of financing meeting the deadline seems quite impractical.

Bonasika bauxite mine is one of the several projects that have stalled due to difficulties in finding appropriate financing.

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