Canada-based First Bauxite Corp. has signed a letter of intent to acquire Bauxite Corp. of Guyana Inc. (BCGI) as it eyes expansion of its non-metallurgical bauxite reserves in the South America.
The two companies have agreed to negotiate an acquisition agreement by 31 March, which would see First Bauxite take exploration licences for the 10,000 hectare (100km2) Tarakuli site in the north-east Guyana.
Fellow Canadian group BCGI holds two licences covering a historical inferred bauxite resource of 62.7m. tonnes at 58.6% Al2O3, 4.7% silicon dioxide, 2.5% titanium dioxide and 3.3% iron oxide....