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Guyana Secures $35M Investment That Will Create 400 to 500 Jobs

imagesA public-private partnership is underway in Guyana that will see the creation of 400 to 500 jobs and will take the country a step further on the green pathway.

The Institute of Applied Science and Technology (IAST) has secured a solid investment partnership with Pinnacle Green Resources, an Asian company, for the execution of three projects, a total investment of approximately US $35 million.

In exchange for providing technical and scientific support to Pinnacle, the IAST will receive 5 percent equity from the entire project.

Wood-Pellet Plant

The first project is the construction and operation of a facility that will produce 200 tons of wood-pellets per day, for export to Europe.

In the execution of this project, Pinnacle Green Resources (Guyana) Limited will begin cultivation of an energy plantation on 5,000 acres of land in the Akawini area in the Pomeroon, Region Two. This crop, commonly called the “jumbie bean” is of the plant Leucaena leucocephala and is a non-invasive species already found in Guyana.

Pinnacle has established a memorandum of understanding (MoU) with Go-Invest for the lease of the land. The price for truck delivery to private consumers in sacks is €333 per ton, while the price for bulk delivery is slightly lower.

Activated Carbon Facility 

The second project involved the construction and operation of a facility to produce three tons per day of activated carbon from coconut shells, primarily to service the gold recovery industry in Guyana.

Head of the IAST, Suresh Narine, explained that there is a growing demand for activated carbon both locally and internationally. Apart from the gold mining industry, it is also used in the beverage and pharmaceutical industries.

 

Read more at caribbeannewsnow.com

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