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AFC makes maiden $205m mining investment in Guinea-Conakry

LAGOS (Capital Markets in Africa) – An international consortium including Africa Finance Corporation (AFC) is set to invest in Alufer Mining Limited to fund the development of Guinea-Conakry’s high grade bauxite reserves. The US$205 million deal will be one of the largest foreign investments in the country since the 2014 Ebola crisis. Once complete, the project will increase production levels in line with global demand, which at present outpaces supply. Currently, there is a greater…

IsDB pledges to support the growth of private sector in Guinea

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Conakry (Capital Markets in Africa) – The Islamic Development Bank (IsDB) has pledged to support the growth of the private sector in the Republic of Guinea. The statement was made by the IsDB Vice President (Sector Operations), Dr. Mansur Muhtar at the opening ceremony of the Private Sector Forum jointly organized by the Government of Guinea and IsDB Group. The Prime Minister of Guinea, Mr. Mamady Youla chaired the Forum in the capital Conakry. The…

Guinea President Says Rio Payment Saga Tied to Internal Feud

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GUINEA (Capital Markets in Africa) – The President of Guinea is disputing public statements made by Rio Tinto Group regarding the firing of a senior executive for a $10.5 million payment made to the president’s friend Francois de Combret. President Alpha Conde said the firing of Alan Davies, who headed Rio’s $20 billion Simandou iron ore project in Guinea, was the result of an internal feud. Rio has said it was because of improper payments to de Combret…

Guinea Must Tighten Grip on Bauxite Industry, President Says

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GUINEA (Capital Markets in Africa) – Guinea wants to get a tighter grip on its bauxite industry and keep out companies that aren’t consumers of the ore, President Alpha Conde said in a speech on state television. “We don’t want traders in Guinea. It’s abnormal that we have more than half of the world’s bauxite reserves but not even 2 percent of the market share,” Conde said. “We’re producers and we’re going to work directly with our…

Guinea inks $770 mln contract with Chinese firm to develop main port

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CONAKRY (Capital Markets in Africa) – China Harbour Engineering Company (CHEC) signed a $770 million contract with Guinea’s government on Monday to upgrade the port in the capital, Conakry, expanding Chinese economic influence in the West African iron and bauxite producer. Under the contact, CHEC, a subsidiary of China Communications Construction Co Ltd, will construct three docks, roads and other infrastructure in the eastern zone of the port, providing parking for up to 600 trucks….

Guinea Weighs Mine Tax-Incentive Review Over Investor Abuse

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GUINEA, Capital Markets in Africa: Guinea’s government is considering reviewing tax breaks given to mining companies because foreign investors may be abusing the incentives, Budget Minister Mohamed Lamine Doumbouya said. The West African nation, which has the world’s largest bauxite deposits, waived more than 2 trillion Guinean francs ($220 million) of income over the past five years because of exemptions on mining-equipment and building-material imports, Doumbouya said in an interview. While the mining industry is expanding at an…

AfDB supports improved electricity access in Guinea, Guinea-Bissau, Gambia and Senegal

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Abidjan Cote D’Ivoire , Capital Markets in Africa — The African Development Bank approved on Wednesday, September 30, 2015 a €121.5-million [1] package to the Gambia River Basin Development Organization (OMVG) to improve electricity access and provide renewable, clean and affordable energy in The Gambia, Guinea, Guinea-Bissau and Senegal. Electricity supply in the OMVG region is limited, unreliable and costly. Access rates vary from 12 percent in Guinea, 19 percent in Guinea-Bissau, 35 percent in…

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