AfDB approves $100 million loan for bauxite mine in Guinea
The African Development Bank (AfDB) is providing $100 million loan to support bauxite mine construction in northwest Guinea. AfDB said in a statement on Saturday that Guinea Alumina Corporation will operate the new bauxite mine with an annual production capacity of 12 million tonnes. Guinea Alumina Corporation is a subsidiary of Emirates Global Aluminium owned mining development company.
According to a report from Reuters, the bank will also finance a new container terminal in the port city of Kamsar and the refurbishment of a 143-km (89-mile) railway to the port from the mine in the town of Boke.
Guinea is planning to invest aggressively to meet strong demand for bauxite from China. The country aims to increase bauxite production to 60 million tonnes by 2020.
The West African nation has about a third of the world's bauxite reserves and one of the leading bauxite producer. Currently, Guinea produces about 19 million tons of bauxite annually. Though development had been hampered by years of military rule and civil unrest, the country has recently seen a few significant investments by overseas companies.
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