Africa > West Africa > Guinea > Petroleum / Mining

Petroleum / Mining in Guinea

  • Rusal’s Restart of Operations at Guinea’s Dian-Dian Bauxite Mine Imminent

    GUINEA, 2017/09/29 Russian Federation aluminium behemoth UC Rusal told domestic media yesterday that plans are in the works to commission the 3-million-metric-ton-per-annum Dian-Dian bauxite mine in the African country of Guinea by next spring. Yakov Itskov, Rusal’s alumina business director, told Russian News Agency TASS that work at the bauxite mine was well underway at present. “We look forward to deliveries of initial bauxites to our alumina refinery in Ireland by next spring. We can proudly say today that we started bauxite mining [in Dian-Dian deposit – TASS]; initial 100,000 tonnes of bauxites [were mined]. We are constructing and producing in parallel.”
  • China to Loan Guinea US$20 Billion for Access to Bauxite Reserves

    CHINA, 2017/09/13 The Republic of Guinea will be the recipient of a US$20 billion loan from the People’s Republic of China in exchange for concessions on its significant bauxite ore reserves. According to reporting yesterday by Reuters, the loan will be disbursed over twenty years. The loan will be guaranteed by in-country projects 125 miles northeast of Conakry at Boffa inclunding China Power Investment Corp’s (CPI) planned alumina refinery, a bauxite mine operated by the Aluminium Corporation of China Limited (Chalco), and a bauxite-mining project operated by China Henan International Cooperation Group.
  • China to loan Guinea $20 billion to secure aluminum ore

    CHINA, 2017/09/13 China agreed on Wednesday 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, the mines minister said. The projects guaranteed by the loan included China Power Investment Corp’s (CPI) planned alumina refinery and Aluminium Corp of China’s (601600.SS) (Chalco) bauxite mine and an extra bauxite project by China Henan International Cooperation Group, all of them in the northwestern town of Boffa.
  • Africa rejects Europe's 'dirty diesel'

    BOTSWANA, 2017/05/04 Ghana and Nigeria are the first countries to respond to reports of European companies exploiting weak fuel standards in Africa. Stricter limits on the sulfur content of diesel will come into force on July 1. Governments in West Africa are taking action to stop the import of fuel with dangerously high levels of sulfur and other toxins. Much of the so-called "dirty diesel" originates in Europe, according to a report published by Public Eye, a Swiss NGO, last year. The report exposed what Public Eye calls the "illegitimate business" of European oil companies and commodities traders selling low quality fuel to Africa. While European standards prohibit the use of diesel with a sulfur content higher than 10 parts per million (ppm), diesel with as much as 3,000 ppm is regularly exported to Africa.
  • Rio Tinto agrees $1.3bn sale of Simandou stake to Chinalco

    CHINA, 2016/10/31 Rio Tinto announced on Friday it had agreed to sell its stake in the giant Simandou iron ore project in Guinea for up to $1.3bn to Chinalco, in a deal that could see the Chinese group take on development of the world’s largest untapped resource of the steelmaking ingredient. The Anglo-Australian mining company’s planned sale of its 46.6 per cent stake in the Guinea project marks an admission of defeat two decades after it persuaded the then dictator Lansana Conté to grant rights to prospect a mountainous zone.
  • Beyond Commodities: How African Multinationals Are Transforming

    BOTSWANA, 2016/05/11 Oil, gold, diamonds, palm oil, cocoa, timber: raw materials have long been linked to Africa in a lot of businesspeople’s minds. And in fact the continent is highly dependent on commodities: they constitute as much as 95% of some nations’ export revenues, according to the United Nations Conference on Trade and Development. But propping a country’s entire economy on commodities is risky business, like building a mountainside home on stilts. You can’t be sure about the weather, or in this case the commodities market. The current free-fall of oil prices to less than $40 a barrel is a glaring example. “The commodities cycle has tanked out,” says Austin Okere, founder of Computer Warehouse Group (CWG), a Nigerian emerging multinational financial services company. “And this time it looks additional structural than cyclical, so it’s not a matter of waiting it out. Something has to give.”
  • Guinea's controversial mining reforms

    GUINEA, 2013/06/20 Guinea's controversial mining reforms have landed the country with a 'high risk' rating for resource nationalism. But supporters believe the changes are well-conceived, equitable and necessary to both investors and the national. Resource nationalism is high on investors’ agendas worldwide. “Regulation and government influence is an issue globally in natural resources, and that has only been exacerbated because of the all of leverage in the system,” says Rajat Kohli, chief of mining and metals at Standard Bank.
  • Guinea president urges Rio Tinto to keep to timeline

    GUINEA, 2013/06/20 West Africa could be the next large supply region for iron ore globally, and Simandou is one of the world’s biggest deposits of untapped iron ore, but the infrastructure - and politics - have proven a challenge.  On Wednesday, Guinea’s mining minister, Mohamed Lamine Fofana, admitted Rio Tinto would miss the 2015 production target for Simandou due half to infrastructure challenges. But Guinea’s president, Alpha Condé, overruled Mr Fofana on Friday, insisting there was no change in the timeline. “2015 remains our objective. The minister has spoken in his own name, he didn’t speak in Guinea’s name, and I told him so,” said President Condé at a roundtable at Chatham Home in London. “If it turns out to be impossible, obviously we will have to be realistic. However, we should keep a long-term perspective and try to continue to pursue our goals.”
  • Guinea cuts mining taxes in overture to investors

    GUINEA, 2013/04/10  Guinea has amended its mining code to reduce some taxes in an effort to improve the investment climate, as mining investors and major producers become increasingly wary of large-ticket projects in difficult locations. Mining firms have since last year frozen billions of dollars’ worth of planned investments in the West African national, the world’s top supplier of bauxite and home to rich iron ore reserves, citing fiscal uncertainty and political turmoil.
  • Global gas consumption to increase by 4% in 2013

    BOTSWANA, 2012/12/25 World gas request is projected to reach 3,460.7 billion cubic meters (bcm) in 2013, constituting an increase of 3.6% from 3,341.4 bcm in 2012. North America's gas consumption is estimate to reach 890.3 bcm in 2013, equivalent to 25.7% of world request. It would be followed by Asia & Australia with 720.8 bcm (20.8%), Eastern Europe & the Commonwealth of Independent States with 587.4 bcm (17%), Western Europe with 533 bcm (15.4%), the Middle East with 445.7 bcm (12.9%),