A projected US$120 million investment by a Canadian company in bauxite mining at Bonasika appears to have floundered over financing and the project had not taken off as planned.
In his budget presentation last year, Minister of Finance Dr. Ashni Singh had announced that First Bauxite Incorporated was slated to start construction of a US$120 million calcined operation in late 2013 at Bonasika. However, that has not happened and the company has faced financing issues.
In its interim financial statements for the three months ending December 31, 2013,
