China's Chalco plans $500m investment in Guinea bauxite project
Aluminium Corp of China (Chalco) plans to invest $500 million in a project to produce bauxite, used to make aluminium, in Guinea starting next year, the mines ministry said.
The deal comes after a trip by the Guinean mines minister, Abdoulaye Magassouba, to China and follows other major Chinese investments in the resource-rich West African nation.
"The reserves of bauxite abandoned by BHP Billiton will eventually be exploited from 2018 by Chalco," said Saadou Nimaga, secretary general of the mines ministry. State-run Chinalco is the parent company of Chalco.
The project is in the Boffa area, about 200 km from the capital Conakry.
The $500 million will go towards the first of three project phases, which will also include aluminium production.
China, the world's largest iron ore consumer, has taken a growing interest in African mining opportunities.
In October, Rio Tinto agreed to sell its stake in Guinea's giant Simandou iron ore project to Chinalco, giving China the keys to one of the world's largest untapped iron ore reserves.
source: mining news
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
India’s record gold import said to be due to calculation error
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
