EGA's Guinea Alumina Corporation to secure US$700 to US$750 million financing for its new bauxite project in Guinea

A subsidiary of Emirates Global Aluminium (EGA), Guinea Alumina Corporation is about to secure financing of US$700 to US$750 million for a new bauxite project in the Republic of Guinea, EGA’s chief financial officer Danny Dweik told Reuters on Monday, March 11.

He confirmed that the financing is towards a US$1.4 billion bauxite mining project EGA is developing through its wholly-owned subsidiary in Guinea. That would be the largest Greenfield project in the West African country in the last four decades.

“The project financing is ongoing, it is in the final stages,” Dweik said. “We are hoping to close very soon.”

Dweik revealed this after the company announced its financial results for 2018 yesterday. EGA reported net income of 1.2 billion dirhams ($325 million) for 2018, down 64 per cent from 2018 due to higher raw material prices. EGA reported 2.64 million tonnes of aluminium production in 2018.

Guinea Alumina Corporation is developing a bauxite mine and associated export facilities in the Republic of Guinea. The project will create a new revenue stream for EGA and secure the raw material needs of the Al Taweelah alumina refinery, being developed by EGA in Dubai.  The project is expected to contribute largely to the development of Guinea's economy. GAC's project is in the Boké region of north-western Guinea, close to existing bauxite mines. The project is expected to mine approximately 12 million tonnes of bauxite per year on the completion.

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