22 JULY 2014RUSAL press release
RUSAL wins case against Republic of Guinea for Friguia alumina complex
Edited by : AL CIRCLE
2 min read
Global aluminium producer RUSAL announced today that it has won a case with regards to share purchase of the Friguia bauxite and alumina complex against the Republic of Guinea.
Rusal bought over the Friguia production complex, which includes a bauxite mine, an alumina refinery and a railway network in 2006. But in 2009, the Republic of Guinea has demanded the return of the Friguia complex to the government, apparently saying that the company has paid just a fraction of Friguia complex’s valuation to the previous government.
The complex is one of the largest employers in Guinea, and has an annual production capacity for 618,000 tonnes of alumina and 2.1 million tonnes of bauxite.
The International Criminal Court (ICC) held that RUSAL’s purchase of shares in the Friguia complex was valid and rejected allegations by the Guinea republic that the company’s purchase of the shares was “invalid or improper”.
The tribunal also ordered the Republic of Guinea to compensate RUSAL 250,000 euros in legal costs.
“RUSAL believes that the award further demonstrates RUSAL’s reliability as a long-term strategic investor in the Republic of Guinea. The company is determined to continue its work implementing projects and contributing to social development in the country”, the company said.
Rusal bought over the Friguia production complex, which includes a bauxite mine, an alumina refinery and a railway network in 2006. But in 2009, the Republic of Guinea has demanded the return of the Friguia complex to the government, apparently saying that the company has paid just a fraction of Friguia complex’s valuation to the previous government.
The complex is one of the largest employers in Guinea, and has an annual production capacity for 618,000 tonnes of alumina and 2.1 million tonnes of bauxite.
The International Criminal Court (ICC) held that RUSAL’s purchase of shares in the Friguia complex was valid and rejected allegations by the Guinea republic that the company’s purchase of the shares was “invalid or improper”.
The tribunal also ordered the Republic of Guinea to compensate RUSAL 250,000 euros in legal costs.
“RUSAL believes that the award further demonstrates RUSAL’s reliability as a long-term strategic investor in the Republic of Guinea. The company is determined to continue its work implementing projects and contributing to social development in the country”, the company said.
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