First Bauxite LLC (FBX), the parent company of Guyana Industrial Minerals (GINMIN), which operates at Bonasika, Demerara River in Region Three, has announced major changes in its board and senior management. The changes, the announcement said, position the company for long-term success.
“These changes reflect the ongoing evolution of the business, its transforming needs, and the ever-changing leadership requirements. These changes also mark an important step forward that enables FBX to build upon all the work and achievements of the past three years including the acquisition of US Ceramics and the commissioning of Guyana Industrial Minerals operations,” the announcement said.
However, the sudden changes in management and leadership raise some questions as to how the Guyana operations will be impacted.
According to the statement, Thibault van Stratum, who functioned as executive chairman is no longer with the company effective February 23, 2023; Jasper Bertisen has temporarily assumed the duties of board chairman. There were three resignations: director and vice-president of Strategy and Logistics David Coplet, as of February 13; and directors Lee Graber and Martin Valdes, effective February 15 and 23 respectively. Calum Semple was appointed a member of the board effective February 23.
“On behalf of the board, I want to take this opportunity to appreciate the commitment and invaluable contributions made by each departing director during their tenure with the company and wish them the very best in future endeavours. Thibault van Stratum in particular was instrumental in expanding the operations at GINMIN and spearheading the USC acquisition,” Bertisen was quoted as saying in the release.
He added, “As I shared with our board of directors, it will continue to be my privilege to serve with them as we focus on business integration and optimization and ensure continued momentum.
Semple who functions as the operating executive from the company’s majority owner, Resource Capital Funds, will provide executive oversight until a new CEO is appointed. The company will now look at identifying and appointing a new CEO.
According to FBX, Nathan Wollenburg, who has extensive experience in sales, marketing, business development, and a demonstrated ability to drive product and market growth through technical and commercial development, is the company’s new vice-president of Sales and Marketing.
John Karson will remain a senior member of the company’s sales team for an anticipated period of one to two years. He will be focused on successful leadership transition of the sales function and growth of refractory bauxite products.
Karson joined First Bauxite in 2019 and “has been an instrumental contributor to its success and evolution thus far and we are pleased to have his ongoing involvement during this time of leadership change,” stated Bertisen in the release.
The changes in company are focused on fit for purpose integration opportunities and continuing to deliver for customers. FBX said the focus of the company is now on solidifying itself as a trusted supplier of proppants to the oil services industry, and refractory bauxite products globally.
FBX began operating here in 2008 and commissioned its production plant in 2020. At the commissioning, the company had pledged that its US$100 million investment would be a world-class operation.
The lifespan of the mine is projected to be between 15 and 17 years, although the company has said other operations that will extend its presence in the country to about 25 years. A total of US$387 million is expected to be injected into the local economy during the estimated 15 years of operation.
For the duration of the operation, Guyana is expected to earn a total of US$49.8 million, including a 3% royalty pegged at US$6.4 million, a mining licence fee of US$1.42 million, Employee Pay As You Earn taxes of US$18.95 million, as well as withholding tax and company tax of US$5.53 million and US$17.47 million, respectively.
