China to loan Guinea $20 billion to secure bauxite
2017-09-08 15:33:58 [Print]
BEIJING (Asian Metal) 8 Sep 17 - China agreed on September 6 to loan Guinea $20 billion over almost 20 years in exchange for concessions on bauxite, an ore of aluminum which the West African country has in abundance, disclosed the mines minister.
The projects guaranteed by the loan included China Power Investment Corp’s (CPI) planned alumina refinery and Aluminium Corporation of China’s bauxite mine and another bauxite project by China Henan International Cooperation Group, all of them in the northwestern town of Boffa.
“Those are the three projects targeted as priorities for the first phase. The revenues these projects generate will serve as reimbursement for the loans,” noted Mines Minister Abdoulaye Magassouba.
The minister revealed that projects earmarked included roads in the capital Guinea and highways upcountry, a project for extending the port of Conakry, an electric transmission line and the building of a university.
Chalco said last month it plans to invest $500 million in the project in Boffa, about 200 kilometres from the capital Conakry, which was abandoned by BHP Billiton in 2013. The $6 billion CPI alumina project has been on the cards since at least 2012.
The projects guaranteed by the loan included China Power Investment Corp’s (CPI) planned alumina refinery and Aluminium Corporation of China’s bauxite mine and another bauxite project by China Henan International Cooperation Group, all of them in the northwestern town of Boffa.
“Those are the three projects targeted as priorities for the first phase. The revenues these projects generate will serve as reimbursement for the loans,” noted Mines Minister Abdoulaye Magassouba.
The minister revealed that projects earmarked included roads in the capital Guinea and highways upcountry, a project for extending the port of Conakry, an electric transmission line and the building of a university.
Chalco said last month it plans to invest $500 million in the project in Boffa, about 200 kilometres from the capital Conakry, which was abandoned by BHP Billiton in 2013. The $6 billion CPI alumina project has been on the cards since at least 2012.