01 JUNE 2015AlCircle.com
High demand spurs expansion in Compagnie des Bauxites de Guinée
Edited by : AL CIRCLE
1 min read
Compagnie des Bauxites de Guinée (CBG), a bauxite miner in Guinea is planning an expansion worth $1 billion to meet the growing demands and increase its production to 23.5 million tons per year by 2018, announced the director general of the firm on Friday.
Halco Mining consortium, controlled by Alcoa, Rio Tinto and Dadco Investments, is the majority stake holder in CBG with 51 percent ownership.
According to the contract signed by CBG with Mubadala, Abu Dhabi’s state-owned investment fund and Dubal in 2013, the company will be supplying a total of 10 million tons of bauxite with the first 5 million due to be delivered in 2017.
The high demand has encouraged the company to take up other supply deals as well invoking a need to expand their operations so that they can produce enough bauxite to meet the demand. "We have finalised a roundtable with financial partners. The expansion project will cost around $1 billion," director-general Namory Conde said.
Halco Mining consortium, controlled by Alcoa, Rio Tinto and Dadco Investments, is the majority stake holder in CBG with 51 percent ownership.
According to the contract signed by CBG with Mubadala, Abu Dhabi’s state-owned investment fund and Dubal in 2013, the company will be supplying a total of 10 million tons of bauxite with the first 5 million due to be delivered in 2017.
The high demand has encouraged the company to take up other supply deals as well invoking a need to expand their operations so that they can produce enough bauxite to meet the demand. "We have finalised a roundtable with financial partners. The expansion project will cost around $1 billion," director-general Namory Conde said.
Unlock full access – sign up for FREE.
Key benefits
Find exclusive data-driven insights and in-depth analysis
Get our daily newsletter delivered straight to your inbox
Access real-time and historical price trends from global indices
Post and respond to latest business leads
Stay ahead with alerts on learning tools
...and so much more!SIGN UP / LOGIN
Grow with
AL Circle
