More time for bids on bauxite firms privatisation
Editorial
THE Privatisation Unit has extended the deadline to next year for bids on the Linden Mining Enterprise (LINMINE) and the Berbice Mining Enterprise (BERMINE). Yesterday was the due date for submission of bids but a statement from the unit said it has been extended to January 17, 2000. The statement said the Government was pleased with the level of interest that has been shown in the two companies and in the advantage of securing the best possible bids has lengthened the deadline. "The extension should allow the bidders involved in the merger or acquisition process to properly complete their bids," the unit stated. "The Government has committed to a review of the LINMINE and BERMINE bids by committees made up of representatives from a cross-section of groups interested in the privatisations, and will be announcing the individuals who will serve on the bid review committees prior to the January 17 bid deadline." Earlier this year, three companies and two consortia pre-qualified as financially and technically capable of running a major bauxite operation. They are Alcoa; Aroaima Bauxite Company, a consortium with a number of local and off-shore individuals and companies, including CE Minerals; and another consortium consisting of Texas Ohio Energy, Harbison-Walker, Morrison Knudsen and Possehl. The unit added that three of the companies, Alcoa, Reynolds and Harbison Walker, are in the process of merger or consolidation and would have been unable to make the November 30 deadline.
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