August 21, 2017

Guinea Bauxite Company secures $1bn loan for plant expansion

Reuters reports from Conakry that, in principle, Guinea Bauxite Company (CBG) has secured over $1-bn loan to increase production capacity at the Kamsar Treatment Plant.

While he was could not disclose the names of the financiers, GBC’s General Director, Namory Conde, could only confirm: “We has obtained the agreement of all our financial partners for the loan of $1-billion for the expansion project of the CBG.”

He said that GBC aimed to increase production by nearly 30% – from the current output of 14.5-million tonnes to 18.5 million in 2018. Ultimately, he added, the ultimate goal was to nearly double output to produce 28.5-million tonnes of bauxite in 2027.

Halco Mining consortium, controlled by aluminium producer Alcoa, global miner Rio Tinto and Dadco Investments, has a 51% stake in CBG, while the remaining 49% is owned by the government.

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