Abu Dhabi’s Mubadala Development Co. plans to begin evaluating Guinea’s state-owned bauxite producer Cie des Bauxites de Guinee, according to a government official.
Guinea is seeking a $300 million investment to expand production, Mines Minister Mohamed Lamine Fofana told reporters today in Conakry, the nation’s capital. Fofana didn’t say when the evaluation is expected to begin.
Mubadala, an investment company controlled by Abu Dhabi, has signed a memorandum of understanding with Guinea, which has the world’s largest bauxite reserves. The ore is refined into alumina, a white powder that’s smelted to make aluminum.
Guinea owns 49 percent of Cie des Bauxites de Guinee and Rio Tinto Plc (RIO) and Alcoa Inc. (AA) own the remainder.
Mubadala is an investor in Global Alumina Corp. (GLA/U), which is part of a joint venture planning to construct an alumina refinery in Guinea.
To contact the reporter on this story: Ougna Camara in Conakry at email@example.com
To contact the editor responsible for this story: Jeran Wittenstein at firstname.lastname@example.org