National Quarries Company Limited is is operating at a major financial loss.
That confirmation came from its Chairman, Ashmead Ghany, as he appeared before the Parliament’s Public Accounts (Enterprises) Committee on Wednesday.
He revealed that the company is operating “in the red.”
“2020 to 2025, National Quarries recorded a total loss of $135.8 million. National Quarries received government subventions from years ending September 2022 to September 2025 to the sum of $154.57 million.”
Chairman Ghany, whose board has been in place for only the past two months, said the company is also currently selling its products at a loss.
“So we are producing at around $397 and selling it between $135 and $152, somewhere between there. The average cost of producing aggregate at our limestone quarry, where we use material for construction of roads and so on. The average cost is around $325. Our selling price of limestone, which is crusher, is between $150 and $155 per tonne.”
Meanwhile, the Director of Minerals, Monty Beharry, addressed questions on the lifespan of the company’s operating quarries.
“I have met with National Quarries prior to them being transferred to the Ministry of Works, and I have advised them on several occasions as part of their licensing process to conduct the necessary studies to determine their mineral resources and mineral reserves. Those figures would then determine the remaining life of the quarries and will be factored into all of their financial investment decisions.”
The Public Accounts (Enterprises) Committee’s inquiry focused on National Quarries’ audited accounts, balance sheets, and other financial statements for the period 2016 to 2020.