With his signature, the President of the Republic, Nicolás Maduro, granted the right to exploit a bauxite deposit, located in Bolívar state, to the Bauxilum company, attached to the Venezuelan Corporation of Guayana (CVG):
“I am going to sign to grant the right to exploit this new bauxite mine and increase the wealth of the CVG and Venezuela,” he emphasized during the inauguration of “Expo Metal 2024: Iron, steel and aluminum”, which will run until Saturday, March 16, at the headquarters of the Ferrominera del Orinoco company.
Previously, the president of the CVG supervisory board, Héctor Silva, explained that – in an effort to maintain the extraction of bauxite – specialized teams from the aluminum sector found a deposit in the Piar municipality, specifically in Upata, whose exploitation will allow increasing the aluminum production:
«The entire aluminum team was dedicated to it and the idea is that the mining right can be granted to Bauxilum, a company that exploits bauxite and – where – a very high quality aluminum is born and we are sure that it will continue to position our national products in the international market,” Silva pointed out.
Bauxite – together with alumina – constitutes the main raw material for obtaining primary aluminum. In this sense, CVG Bauxilum produces alumina from the use of bauxite to supply aluminum reduction plants and export the surplus production.