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10 AUGUST 2026 AL CIRCLE

Guinea signs bauxite mining deal with Nimba Mining, finance support by Glencore confirmed

EDITED BY : STAFF EDITOR 2MINS READ

Guinea revives bauxite project

Stock image for referential purposes only

Guinea has signed a new mining agreement with state-owned Nimba Mining Company. This is to restart operations at the former Guinea Alumina Corporation (GAC) bauxite mine and move forward with plans to build an alumina refinery.

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The agreement, announced by the Guinean presidency on August 3, marks the next stage in the government's plan to revive the bauxite project after withdrawing the mining concession from Guinea Alumina Corporation (GAC). Nimba Mining Company was established in August 2025 to take over the project.

The Guinean government revoked GAC's concession after the company failed to build the alumina refinery it had committed to as part of an earlier agreement. GAC had received tax exemptions in return for constructing the refinery, according to the authorities.

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Under the new mining convention, Nimba Mining Company will also develop an alumina refinery, but the project will proceed under Guinea's existing mining code without the tax incentives previously granted to GAC. The company said it will comply with all applicable extraction and export taxes.

Nimba Mining plans to appoint an engineering company by the end of 2026 to carry out feasibility studies for the refinery. The study is expected to take around 18 months, with completion targeted for mid-2028.

Construction of the refinery will begin only after the feasibility study is completed. The company has not yet announced the planned production capacity, project cost or construction schedule.

Explore buying & selling leads of bauxite and trade opportunities on AL Biz

To support the restart of the bauxite operation, Nimba Mining has signed a financing agreement with commodity trader Glencore, which will provide a USD 350 million advance secured against future bauxite production. The funding relates to future bauxite sales and is not a direct investment in the refinery project.

Beyond bauxite, the company also plans to begin gold exploration in Guinea's Siguiri region through a partnership with Australia's Resolute Mining.

The mining agreement will take effect after it is ratified by Guinea's Parliament and officially published.

 

Last updated on : 10 AUGUST 2026

Tagged with:

Guinea Bauxite mine Africa

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EDITED BY : STAFF EDITOR 2MINS READ

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