GEORGETOWN, Guyana — Guyana’s government says Chinese mining company Bosai Minerals Group has agreed to pay US$10 million to Canadian Reunion Gold Corporation for its stalled manganese facility in the South American country.
The Guyanese Ministry of Natural Resources reported the deal on Sunday.
The Matthews Ridge Manganese Project has been stalled by low and volatile prices for the metal.
Bosai Minerals Group will pay US$5 million in cash and deliver the remainder in staggered payments from the sale of manganese shipments after production starts.
Manganese is used as a metal alloy in the stainless steel industry and is useful in protecting steel products from rust and corrosion.