- Project will be set up by subsidiary GAC; refinery will source abundant quantities of bauxite from Guinean mines
Guinea Alumina Corporation (GAC), the bauxite mining subsidiary of Emirates Global Aluminium (EGA), the world’s largest premium aluminium producer, is planning to set up an alumina refinery in Guinea with annual capacity of 1 million tonnes.
Alumina is made from bauxite, the primary ore from which aluminium is derived.
GAC is owned equally by Mubadala Development Company and Investment Corporation of Dubai (ICD).
“Full details about the project and timelines will be announced in due course,” said Youssuff Sylla, Director General of GAC, on the sidelines of the Round Table of Donors (RTD) organised by the government of Guinea in Dubai.
The Round Table is targeting to mobilise more than $3 billion in funding from Dubai for projects under its Interim Reference Programme (IRP) 2022-2025.
“The RTD is about securing essential funding and establishing long-term strategic partnerships that are essential for our nation’s growth,” said Rose Pola Pricemou, Minister of Planning and International Cooperation at a media round table.
The Republic of Guinea is the world’s third-largest producer of bauxite after Australia and China. Guinea, which has the highest bauxite reserves in the world, is also the leading exporter of bauxite.
EGA had earlier made announcement on supporting aluminium can recycling efforts as it was building a massive aluminium recycling facility in Tweelah.
EGA had earlier said that GAC has secured financial support worth $750 million from several investors, including First Abu Dhabi Bank, Emirates NBD, and Mashreq, for its bauxite mining development in the African nation.
International Finance Corporation (IFC) had committed total financing of $330 million, including syndicated debt from commercial banks, and African Development Bank and Export Development Canada have respectively committed $100 million and $150 million.
Read more: Guinea plans Dubai donors round table to mobilise project funding
(Reporting by Bhaskar Raj; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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