Agreement will boost aluminium production in the UAE and boost African country’s economy
Abu Dhabi: Mubadala and Compagnie des Bauxites de Guinee (CBG) have signed an agreement for the long-term export of bauxite to the UAE.
The signing, which took place in Yas Hotel, was attended by General Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, and Guinean president Alpha Conde.
The deal secures a strategic resource for the production of aluminium for the UAE, which will in turn provide a massive investment boost to the Guinean economy.
The agreement was signed by Waleed Mokarrab Al Muhairi, Chief Operating Officer of Mubadala, and Mohammad Lamine Fofana, Guinea’s Minister of Mining and Chairman of GBC. Shaikh Abdullah Bin Zayed Al Nahyan, Foreign Minister, was also present.
Al Muhairi said that the agreement reaffirms the company’s strategy to establish leading companies in the aluminium industry. He said that it will boost productivity due to a long-term supply of high-quality raw materials that are necessary for aluminium production in the UAE.
“We are very happy with the role played by this partnership with the Guinean government that will yield positive results for the UAE and Guinea’s economy. We look forward to even more mutual cooperation with Guinea in the future,” said Al Muhairi.
Fofana said that the agreement is the first concrete result of the strategic partnership between the UAE and Guinea.
“This announcement is the first concrete result of the strategic partnership between Guinea and the UAE,” he said. “The agreement with Mubadala will make a significant contribution to Guinea’s economy by enabling the expansion of CBG to more than 20 million metric tons of bauxite per year, creating many new jobs for Guineans both during the construction of the expansion, and during the future expanded operations.
“This is an important milestone in the history of CBG and a vital component of the company’s strategy of becoming the world’s leading producer of high-quality bauxite. Furthermore, the new supply agreement will bring close to $ 0.5bn of additional GDP to Guinea, with a significant increase in our fiscal revenues – further enhancing the rapid growth and stability of our economy.”
Fofana continued: “We look forward to continued results from this long-term, strategic partnership with Abu Dhabi and the UAE, including further developments in bauxite mining and alumina refining in Guinea and sustainable cooperation in other fields such as agriculture, energy and transportation.”