GEORGETOWN: The Ministry of Natural Resources places on record its congratulations to Bosai Minerals Group and Reunion Gold Corporation for reaching a significant agreement with regards to the sale of the latter’s rights and interest in the Matthews’ Ridge Manganese Project, and gives its commitment to support the investment.
On November 4, 2016, Reunion Gold Corporation entered into an agreement to sell its Matthew’s Ridge Manganese Project to the Bosai Minerals Group.
Under the terms of the agreement, Bosai will pay to Reunion a total amount of US$10 million of which US$5 million is payable at closing and US$5 million is to be paid at the rate of US$2.00 per tonne of manganese concentrate or ore shipped from Matthews’ Ridge following production.
That this development is occurring in the face of volatile international markets and other uncertainties speaks to the renewed confidence that investors have placed in the country’s mineral resources sector.
The Ministry of Natural Resources and the Guyana Geology and Mines Commission urge the principals of the new Bosai-controlled manganese entity to engage in their exploration and extraction activities in a manner that is respectful to the rights of workers, to the country’s laws and to the environment.
You must be logged in to post a comment.