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FINANCIAL NEWS
Abu Dhabi’s Mubadala to import Guinea bauxite
04 Nov 2012
(MENAFN) Abu Dhabi state-run investment vehicle Mubadala has sealed a long-term supply agreement with Compagnie des Bauxites de Guinee (CBG) to import the main raw material in aluminium, official news agency WAM reported.
WAM cited Guinean Mines Minister Mohamed Lamine Fofana as saying that the deal will make a significant contribution to Guinea’s economy by expanding CBG output to more than 20 million metric tons of bauxite per year.
Guinea is the world’s largest exporter of bauxite and CBG boasts of an annual production of 13.5 million tonnes.
Fofana also said that the new agreement would add USD500 million to Guinea’s gross domestic product, according to WAM.
In March Fofana said Guinea had started negotiations for Mubadala to invest in CBG, a joint venture between Guinea, Alcoa and Rio Tinto.
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