Guinea loses aluminum miners
29 May 2013
The Government of the Republic of Guinea is worried about the rapid outflow of investment, operators who have previously invested aluminum market (or about to invest) in bauxite mining in the state. Yet less than six months ago the authorities announced in the international media their plans to increase production of this resource for almost 240% (from the current at the end of last year's level of 18 million tonnes to the projected figure of 60 million), and now watch as capital the leading representatives of the aluminum sector spontaneously washed out of the country's economy.
Guinea — one of the coastal countries in West Africa, located in the neighborhood of the Republic of Mali and the Senegal. The area of the state is only a little more than 245 thousand sq. Km. However, reserves of bauxite (the raw material for the production of alumina, from which the next stage of the production of aluminum is extracted) in its interior make up a third of world reserves. Not surprisingly, the health of the «winged metal» global industry depends on the lion's share of GDP, and the current situation in the global sector of non-ferrous metals causes the welfare of the country (and without being in the list of the poorest nations of the world) devastating damage.
Earlier it was reported that its aluminum assets in Guinea recently sold its Australian-British company «BHP Billiton» (one of the world's largest miners of minerals — bauxite, titanium ore, copper, nickel, iron, silver, diamonds and other resources). Also from its stake in the bauxite business, the country has refused the company «Global Alumina» (the most powerful supplier of global alumina on the market). A «under the curtain» on the possible withdrawal of capital from the local economy said representatives of «Russian Aluminum» (which has already reduced production of bauxite in Guinea). The company's management told reporters about the desire to sell its stake in the securities field development project Guinean «Dian-Dian» (with a projected production capacity of about 12 mln. Tons of bauxite per year).
