Chinese co. plans $1B aluminum plant in Guyana

A Chinese mining company says it will invest $1 billion to build an aluminum plant in southwest Guyana.

Bosai Minerals Group, a leading producer of calcined bauxite, expects to raise $700 million amid a global financial crisis with help from several Chinese banks. Managing Director Yaun Zihlun says Bosai will put up the remaining 30 percent.

Construction could start early next year but President Bharrat Jagdeo warned Tuesday that the global financial crisis could lead to delays.

The plant is expected to produce up to 1 million tons (900,000 metric tons) of bauxite a year. Calcined bauxite is used in aircraft and industrial construction.

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