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Article: MINING SECTOR PRIVATIZATION.
- Article from:
- Caribbean Update
- Article date:
- May 1, 1999
CopyrightCOPYRIGHT 1999 Caribbean Update, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Government of Guyana has announced plans to privatize its two state-owned bauxite companies, Berbice Mining Enterprise Ltd. (Bermine) and Linden Mining Enterprise Ltd. (Linmine):
The companies will each separately be restructured into new private companies that will be capitalized, majority-owned (60% under the Government's preferred structure) and operated by a private investor. The Government seeks to retain a minority share in each new company and will set aside one-quarter of its shares (10% of the new company) to be acquired by employees; It will sell all or most of its remaining shares to the public over the medium term (within five years after the ...