On 10th June 2022, the Guinea govt. has stated that it has given the bauxite mining companies doing business in the nation another ten days timeline to present the proposals for building alumina refineries, which they were supposed to attain by the end of May 2022.
Guinea, one of the world’s leading bauxite producers and exporters has pushed companies to build locally alumina refineries to mechanize its national mineral wealth into economic development.
The statement said, "As of today, it has been noted that none of the companies has complied.”
Guinea's two top bauxite producers have also been impacted by the alumina refinery demand, Societe Miniere de Boke (SMB) and Compagnie des Bauxite de Guinee (CBG).
To date, Guinea has only one alumina refinery, the Friguia refinery owned by Russian aluminium giant Rusal and it operates two bauxite mines.
According to an industry expert, the complications of bauxite refining in Guinea, "Refinery projects in Guinea only benefit from their bauxite, as all the other raw material needs, such as energy and caustic soda, need to be imported."
On a further note, the government statement in the cabinet also exemplified, “Guinea is also looking to set a reference price for bauxite. The interim President is concerned about bauxite miners in Guinea setting different prices for the aluminium ore and expects a draft decree on the issue by next Friday.”
As per the statistics derived from the Ministry of Mines, Guinea, the country exported 81.1 million tonnes of bauxite in 202, while China imported about half of its bauxite from Guinea.
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