AFC invests $205m in Guinea
Africa Finance Corporation, AFC, is to invest US$205m in Alufer Mining Limited to fund the development of Guinea-Conakry’s high grade bauxite reserves.
Speaking at an event, Chief Investment Officer of AFC, Oliver Andrews, stated that as global demand for aluminium increases, AFC was proud to be the sole private sector African investor in the Bel Air Mine, developing a world class mine that adheres to best practise environmental principles.
“We are encouraged to see that Alufer has been working with the local community to develop sustainable projects which assist in the provision of drinking water, as well as development of local infrastructure and job creation”, he stated.
He continued: “AFC is developing African economies that have suffered conflict and crisis. For example, we were instrumental in the re-construction of Cote d’Ivoire, following the country’s civil war through investments such as Henri Konan Bridge and, in Liberia, we financed the post-Ebola rebuilding of certain fuel import and storage facilities damaged by the country’s long running civil conflicts. Equally, investment in Guinea’s infrastructure will help to rebuild and diversify the economy following the Ebola crisis”.
He said the ideal would be one of the largest foreign investments in the country when completed as it would increase the production level which currently was greater than 6 per cent per annum 5-year growth forecast for aluminium consumption, primarily driven by Chinese demand.
Meanwhile, he said, the shifts in supply and demand dynamics would create opportunity to ship high grade bauxite ore from Guinea to markets such as China on economically attractive terms, thereby boosting Guinea’s GDP, as presently, Guinea has a trade deficit ratio of c.20:1 with China.
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