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THINK ALUMINIUM THINK AL CIRCLE
On 5th September 2021, the coup in Guinea, the mining powerhouse quake the global aluminium market. Guinea contests with Australia as China’s largest supplier of bauxite, the raw material used to make alumina and eventually the metal aluminium. According to the Ministry of Mines and Geology data, the nation shipped 82.4 million tonnes of bauxite globally last year, while a major chunk of that went to China, the world’s biggest aluminium-consuming country. The price of aluminium has escalated to the highest ever in 10 years, the alumina price has also surged and now Guinea’s political instability is expected to fire up the global bauxite prices.
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Samuel Abu Jinapor, the Minister of Lands and Natural Resources of Ghana, on 2nd September 2021, inaugurated the new Governing Board of GIADEC with a charge for members to give meaning to Akufo-Addo’s vision of a “Ghana Beyond Aid” by delivering on GIADEC’s mandate of developing an Integrated Aluminium Industry (IAI) in Ghana.
To know more: https://www.alcircle.com/news/ghana-giadecs-new-governing-board-inaugurated-70278
The world’s second-largest producer of bauxite, Guinea’s unit of military seized power and suspended the constitution, destabilizing the West African nation, which is the global largest exporter of aluminium ore. On 5th September 2021, Colonel Mamady Doumbouya, the head of Guinea’s Special Forces announced the takeover on a state broadcasting platform and influenced the armed forces to back him.
On 6th September 2021, the bauxite price from Guinea has reached the highest almost in 18 months at top metals consumer market China, as buyers distressed about supply followed a coup in the country. The West African nation Guinea is the world's second-largest producer of bauxite, keeping China behind.
To know more: https://www.alcircle.com/news/coup-in-guinea-shifts-bauxite-price-to-18-month-high-70290
The share prices of the world-class bauxite developer Canyon Resources have escalated after Guinea, the world-leading supplier of bauxite experienced its third coup in less than 40 years. The political unrest propelled prices for aluminium rise towering to 10-year highs on concerns that it will interrupt the global aluminium supply chain given that Guinea accounts for about 22% of the world’s production.
According to the Shanghai Metals Market, the bauxite (4.5≤Al/Si＜5.5) price in Henan has seen an increase of RMB 20 per tonne on Tuesday, September 7, to exceed RMB 500 per tonne. Due to the military coup in Guinea that has fuelled concerns over raw material supply required for aluminium smelting, bauxite price across the globe has witnessed a hike. China, being no exception, has also reported growth in bauxite prices on September 7. Bauxite (4.5≤Al/Si＜5.5) price in Henan has come in at RMB 510 per tonne, while bauxite (4.5≤Al/Si＜5.5) price in Shanxi is standing at RMB 460 per tonne by gaining RMB 10 per tonne.
On 7th September 2021, the Russian Govt. said it is strictly following the political situation in Guinea following a military coup there and hopes that the Russian business interests in the West African nation would go through hardship. The comments came a day after Russian aluminium giant Rusal said it pursues to keep its three major bauxite mines and one alumina refinery in Guinea operating after the military coup there but could evacuate all Russian personnel if the crisis worsened.
On 8th September 2021, the main political and economic bloc of West Africa has suspended Guinea's membership following a weekend military coup that has overthrown President Alpha Conde and inflicted a blow to democracy in the region. The foreign investors in Guinea said that they have pursued to operate without any interruption, whereas, the aluminium price surged to a fresh 10-year high on 6th September following the coup in Guinea, which holds the world largest bauxite reserves. The coup leader Col Doumbouya has pledged that bauxite and other mining activities will continue unhampered.
On 7th September 2021, the Chief Minister of Chhattisgarh Bhupesh Baghel approved mining proposals worth INR 267 crore. The proposals are related to several projects of the Mineral Resources Department and Chhattisgarh State Mineral Development Corporation and incorporate proposals for the development of Kerwa coal block, Iron Ore Deposit-4, exploration of new bauxite areas, the survey of minerals and upgrade of online mineral portal operated for mining activities.
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