{Abu Dhabi investment fund Mubadala and Dubai Aluminium (DUBAL) have signed a five-billion-dollar deal with Guinea that should secure resources for UAE aluminium makers, a statement said.}<\/p>\n
The accord will see Guinea Alumina Corp, a joint venture owned by Mubadala and DUBAL, investing in the construction of a bauxite export mine in Sangaredi, in western Guinea, the government of Guinea said in a statement late Monday.<\/p>\n
Guinea sits on almost half of the world’s bauxite reserves and the Sangaredi mine is due to be operational by 2017.<\/p>\n
A multi-user port in the West African nation will also be developed in Kamsar by 2017, while an alumina refinery with an initial capacity of 2 million tonnes per annum would be constructed and ready to operate in 2018.<\/p>\n
“This agreement will deliver an estimated $5 billion of foreign investment into Guinea over the next eight years,” said Guinea’s Minister of Mines and Geology Mohamed Lamine Fofana.<\/p>\n
“The development plan will create at peak 14,000 direct and indirect jobs and contribute substantially to Guinea?s GDP,” gross domestic product, he said.<\/p>\n
The agreement was signed during the Guinean Partners and Investors Conference in Abu Dhabi.<\/p>\n
DUBAL’s chief executive officer Abdulla Kalban, who is also the chairman of GAC, said the agreement delivers on the “strategy to secure upstream resources within the aluminium value chain.”<\/p>\n
Mubadala and DUBAL took full control of Guinea’s GAC in May after they jointly acquired 66.6 percent stake owned by BHP Billiton and Global Alumina. Previously, Mubadala and DUBAL held 8 percent and 25 percent of GAC’s shares respectively.<\/p>\n
AFP<\/p>\n","protected":false},"excerpt":{"rendered":"
{Abu Dhabi investment fund Mubadala and Dubai Aluminium (DUBAL) have signed a five-billion-dollar deal with Guinea that should secure resources for UAE aluminium makers, a statement said.} The accord will see Guinea Alumina Corp, a joint venture owned by Mubadala and DUBAL, investing in the construction of a bauxite export mine in Sangaredi, in western […]<\/p>\n","protected":false},"author":2,"featured_media":2000049398,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[100],"byline":[170],"hashtag":[],"class_list":["post-11558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-africa","byline-igihe"],"bylines":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"contributors":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"featured_image":{"id":2000049398,"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton11558.jpg","alt":"","caption":"","mime_type":"image\/jpeg","width":0,"height":0,"sizes":{"thumbnail":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton11558.jpg","width":1,"height":1},"medium":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton11558.jpg","width":1,"height":1},"medium_large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton11558.jpg","width":1,"height":1},"large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton11558.jpg","width":1,"height":1},"full":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/arton11558.jpg","width":0,"height":0}}},"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/11558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=11558"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/11558\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media\/2000049398"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=11558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=11558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=11558"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=11558"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=11558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}