GCCI member “IEP” inks MoU with Excalibar Minerals LLC to establish barium manufacturing facility
Today, a Memorandum of Understanding (MoU) was signed between Excalibar Minerals LLC and Ithaca Energy Partners Inc (IEP), an indigenous Guyanese Company and member of the Georgetown Chamber of Commerce and Industry (GCCI).
The signing, which took place at the International Offshore Technology Conference (OTC) currently being hosted in Houston, Texas, will see Excalibur Minerals, a wholly owned subsidiary of Newpark Resources, coming to Guyana. The two firms will also establish a joint venture which will see over USD 20 million being invested into the establishment of a barium manufacturing facility in Guyana.
It is also expected that the local facility will supply Guyana’s oil and gas industry with Barite. Mr. Linden Edmondson, CEO of IEP, noted that the joint venture would create employment, transfer barium manufacturing technology to Guyana, and provide training for several Guyanese.
