{{A U.S. shipping firm is suing Alcoa for $300 million saying it suffered losses after the aluminium maker breached a contract with the Guinean government concerning bauxite shipments from the world’s top exporter, court documents showed.}}
Nanko Shipping and its president Mori Diane filed a civil complaint in the U.S. district court of the District of Columbia last week saying it had been harmed by Alcoa’s refusal to honour the terms of the 1963 joint-venture mining deal with the Guinean government.
That agreement established the Compagnie des Bauxites de Guinee (CBG), the largest bauxite mine in the West African country, and gave the government the right to choose a company to ship half of its production, according to a copy seen by Reuters.
In its suit, Nanko alleged that Alcoa – which manages the day-to-day operations of the CBG – had refused the government’s request in 2011 to let the U.S. shipping firm take charge of the transportation of Guinea’s 50 percent of production.
Nanko’s demand for damages was based on its estimates that the value of the government’s shipping rights was some $100 million a year since then.
Alcoa spokeswoman Christa Bowers said the firm had not been served with any legal papers relating to a lawsuit by Nanko.
“However, we can confirm that we do not have, and never have had, a contractual relationship with Nanko Shipping,” she said. Bowers declined to comment on whether Alcoa had refused a request from the Guinean government to allow Nanko to handle the shipment of its bauxite.
If Nanko’s case were successful it would mark a step forward for African nations seeking to wrest greater control of their natural resources from international companies.
wirestory
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