EGA Reached Agreement with Guinea on New Alumina Refinery Project
The initial production capacity of the refinery is projected at approximately one million tonnes of alumina per year.
SEATTLE (Scrap Monster): A subsidiary of Emirates Global Aluminum (EGA), Guinea Alumina Corporation (GAC) announced that it has signed a term sheet with the Government of Guinea towards development of an alumina refinery. The signing of the preliminary agreement is a major milestone in the development of the project.
The proposed alumina project will be built on GAC’s concession near Tinguilinta in Boke province. The GAC employs nearly 3,200 people as employees and contractors at its various sites in Boke province.
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The project will be developed in cooperation with other companies. The initial production capacity of the refinery is projected at approximately one million tonnes of alumina per year.
According to company press release, the Government of Guinea will hold 15% shares in GAC, in a bid to strengthen the partnership between the company and the government. This shareholding will be converted into a 10% share of mining operation and 7.5% share of alumina refinery company, once it starts production. In addition, the government will have two positions on GAC’s Board, including the Chair.
Abdulnasser Bin Kalban, Chief Executive Officer of EGA stated that the company is looking forward to advancing the alumina refinery project, which will boost its contribution to the local economy.