Investors have expressed an interest in developing the Tarakuli Bauxite deposit located approximately 10 miles from Orealla, East Berbice- Corentyne (Region Six), Minister of Natural Resources, Vickram Bharrat disclosed Monday.
Bharrat during a visit to Orealla said, “I met a few investors who are willing to come and develop the Tarakuli bauxite deposit. It is one of the largest bauxite deposits remaining in our country that is untouched.”
The Minister said the bauxite Tarakuli is said to be of “very high quality” and investors have expressed an interest in establishing an aluminium plant there.
“The aluminum plant will add value to our ore because for too long we have been exporting raw materials. We haven’t been exporting value-added products, and you would know when you export value-added products, you earn maybe ten times more than when you export the raw material,” the Minister said.
Bharrat continued: “You export one log for US$60, if you convert that very log to value added products, you can make close to US$6,000 from that one log. That is why, adding value to our products is one of our main priorities and to ensure that we no longer export just bauxite but alumina and also, that we just don’t export logs but we export furniture; value added products.”
The Natural Resources Minister said the Government is interested in improving and increasing the country’s value-added products.
“There are so many investments coming to Guyana. When they come, they bring foreign currency, they create employment and pay taxes, so in that way every single person benefits,” the Minister said.
