UAE, Guinea sign bauxite supply deal



REUTERS

Published — Sunday 4 November 2012

Last update 4 November 2012 6:07 am

| نسخة PDF Print News | A A

DUBAI: Compagnie des Bauxites de Guinee (CBG) signed a long-term supply agreement with the UAE for bauxite, the main raw material in aluminum, the Gulf country’s state news agency reported.
The Emirates News Agency did not report the duration or value of the contract, which was concluded between CBG and the Emirates’ investment fund Mubadala Development Co.
But Guinean Mines Minister Mohamed Lamine Fofana was quoted as saying at a signing ceremony in Abu Dhabi that the deal would add $500 million to Guinea’s gross domestic product.

“The agreement with Mubadala will make a significant contribution to Guinea’s economy by enabling the expansion of CBG to more than 20 million metric tons of bauxite per year,” Fofana was quoted as saying by the news agency late on Friday.
Guinea’s government said in a separate press release that Mubadala had said it needs 5 billion tons of bauxite by 2017.
The Guinean company CBG — a joint venture between the Guinean state and a consortium of companies including Halco Mining Inc, Alcoa, Rio Tinto, and Dadco — has an annual production of 13.5 million tons.
A CBG official in Conakry told Reuters it would take the company at least three or four years to raise production to 20 million tons per year.
“We can’t do it right away,” he said.
“We will definitely need to proceed with an expansion project first.”
In March, Fofana said Guinea had started negotiations for Mubadala to take a stake in CBG. But Guinea said the supply deal did not result in Mubadala taking a stake.
Guinea is the world’s largest exporter of bauxite. The UAE’s Dubai Aluminium Co. (Dubal) produces around 1 million tons a year of aluminum, according to Gulf business website zawya.com.

What's happening around Saudi Arabia

RIYADH: The ongoing Janadriyah national heritage and culture festival welcomed German government representatives as the guests of honor, marking a new era in Saudi-German ties.Detlef Daues, chief executive officer of a German business group, said: “I...
RIYADH: Highlighting the importance of caring, preservation and better maintenance of mosques located along highways in the Kingdom, the Saudi Commission for Tourism and National Heritage (SCTNH) and the Masajedna Foundation will honor excellence in...
ABHA: Women graduates in Asir say they are looking for private companies to hire them for online jobs which can be done at home.They asked businessmen to open new production lines for women in both factories and banks.The women said that this would c...
ABHA: Deviant groups have attempted to attract Saudi women to carry out terrorist operations by various means and in sinister ways.Many women have been found to have been recruited by terrorist groups inside and outside the Kingdom.Islamic scholar Mo...
RIYADH: Makkah Gov. Prince Khaled Al-Faisal has written a patriotic poem to inspire Saudi troops at the southern borders.Titled, “I wish to be with you,” the poem infuses encouragement in the hearts and minds of troops guarding the borders in Najran,...
RIYADH: A delegation of senior officials from King Abdullah University for Science and Technology (KAUST) visited the King Abdullah City for Atomic and Renewable Energy (KACARE) to discuss cooperation between the two institutions on sustainable energ...
RIYADH: The Office of the Education Department in eastern Taif has launched a program called “Fatin” which aims to protect students from intellectual threats around them.Fahhad Al-Zuibi, director at the Office for Education said, “The program aims to...
RIYADH: The Taif theater group won two awards when it participated recently in the ninth edition of a theatrical festival in Bahrain. The group, which represented the Kingdom in the theatrical festival, mounted a play production titled “Out of Contro...
RIYADH: Riyadh Gov. Prince Faisal bin Bandar inaugurated the first festival for families with handicapped members at the King Fahd Cultural Center (KFCC) on Wednesday evening. The festival, which will last for three days, features a bazaar that displ...
RIYADH: A separate department to provide enhanced security to the Kingdom’s schools will be set up in all educational regions, Education Minister Ahmad Mohamed Al-Issa announced on Wednesday.Under the new directive, such departments will be establish...
RIYADH: Under a new ministerial ruling, payment of the minimum capital for industrial development is to be abolished.To support industrial development, the Ministry of Commerce and Industry issued a ministerial decree eliminating the requirement of t...
JEDDAH: The father of a student at Imam Nafie Primary School in Taif’s Qumariya neighborhood is upset because the teacher who had hit his son in the face has gone unpunished.Fahad Muhaimeed Al-Nufaei was quoted as saying to local media that the teach...
JEDDAH: While the Ministry of Education sees privatization of education as a positive development, there are investors who express there cautious reluctance by saying there would be intense competition in the field and the returns might be less than...
JEDDAH: The University of Birmingham will welcome over 1,000 Saudi students from across the UK to an annual conference that will showcase their potential for groundbreaking work and research innovation.As academic host for 2016, the university will w...
JEDDAH: Over a billion tons of foods in the world finds its way to garbage containers and dumps, said Ahmad bin Amer Al-Harbi, head of the Volunteerism Unit.Al-Harbi said that in the Kingdom alone, about 75,000 tons of rice is wasted annually. In add...

Stay Connected

Facebook