June 11, 2018 / 7:03 AM / 8 days ago

Chalco targets Guinea bauxite production by end-2019

* Aluminum Corp of China says it has entered into an agreement with the government of Guinea to develop the Boffa bauxite project in the west of the country.

* Agreement was signed in Conakry on June 8, the company, known as Chalco, said in a statement to the Hong Kong stock exchange on Sunday.

* Chalco Guinea Company will be granted mining licenses for the Boffa North and Boffa South blocks for 15 years, renewable by 15 years on expiry.

* Project holds around 1.75 billion tonnes of bauxite, a rock refined to produce alumina, which is used to make aluminum.

* Annual bauxite output seen at 12 million tonnes, with production starting by end of 2019; output will go to Chalco alumina refineries in Shandong and Guangxi.

* Chalco must transfer 15 percent of shares in Chalco Guinea Company to the Guinea government within 10 business days; Guinea has option to increase interest up to 35 percent.

* Chalco said last month it would invest up to $163.8 million in the project; investment will be split among mining, ports and lightering operations. (Reporting by Tom Daly; Editing by Biju Dwarakanath)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below