HomeIndustrial MineralsGuinea seeks foreign investment

Guinea seeks foreign investment

Rusal – a major
company mining
bauxite in Guinea
Conakry, Guinea — MININGREVIEW.COM — 02 September 2008 – Guinea – the world’s biggest exporter of aluminium ore bauxite – is prepared to work with foreign investors in the mineral-rich West African country as long as they comply with its mining code.

Reporting from here, Reuters quoted Guinea’s new mines minister Louncency Nabe as giving this undertaking. Guinea has the resources to be a major supplier of steelmaking raw material iron ore, the agency reports, but questions have recently been raised about the status of some deals.

Nabe was appointed by President Lansana Conte last week after the sacking of former minister Ahmed Kante, who had launched a wide-ranging review of mining contracts.

“To our foreign partners, I would simply say that success is inconceivable without the good collaboration I propose to pursue with them,” Nabe told journalists at his swearing-in ceremony.

“There can be no development without investment, and no investment without investors. We ask for transparency, realism and respect for the mining law that is in effect,” the new minister said.

London-listed mining major Rio Tinto holds the concession for the US$6 billion (R45 billion) Simandou iron ore project, and is a partner in bauxite exporter CBG with Alcoa. Russian aluminium giant RUSAL also mines and refines bauxite in Guinea.