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01 MAY 2018 AL CIRCLE

Guinea gives preliminary approval to a new bauxite project worth US$1.4 billion

EDITED BY : DEBANJALI SENGUPTA 1MINS READ

Guinea, Africa’s top bauxite producer with the production more than doubled last year to about 50 million tonnes, has approved plans of a Netherland-based company to develop a bauxite mine and alumina refinery worth US$1.4 billion in Guinea, said Guinea’s government on Friday, April 27, 2018.

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According to a government report, a cabinet meeting on Thursday, April 26, 2018, authorised the drafting of a mining contract that would allow Societe des Bauxites de Guinee (SBG), a subsidy of MetalCorp Group to begin production by the close of 2022.

Once operational, the new mine is apprehended to take the Guinea’s position to a whole new level as the region’s leading bauxite producer, by producing an estimated 8 million tonnes of bauxite annually, out of which 3 million tonnes would be for the direct export and 5 million tonnes for refining into aluminum at a local facility, said the government.

“It is a big project that will require a minimum investment of $1.4 billion,” Saadou Nimaga, secretary-general of the mines ministry reported.

However, initially, MetalCorp Group did not give an immediate response to the request, nor did the government officials comment on when the contract was expected to be finalised.


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EDITED BY : DEBANJALI SENGUPTA 1MINS READ

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