EGA Subsidiary GAC Signs Guinea Alumina Refinery Deal

Emirates Global Aluminium’s subsidiary, Guinea Alumina Corporation (GAC), has signed a term sheet with the Government of Guinea to develop an alumina refinery. This preliminary agreement marks a significant milestone in the project's advancement. The signing ceremony, held at the Petit Palais of the Presidency in Conakry, was overseen by Djiba Diakité, Minister and Chief of Staff at the Office of the Presidency of the Republic, and Chairman of the Strategic Monitoring Committee for the Simandou project. Attendees included several government officials, such as Bouna Sylla, Minister of Mines and Geology, along with members of the Strategic Committee.

GAC Delegation & Project Details

EGA’s delegation was led by Chief Executive Officer Abdulnasser Bin Kalban and included Zaher Al Habtari, Executive Vice President of Bauxite, Alumina & Capital Projects, Saif Al Qubaisi, EGA and GAC Board member, GAC CEO Steeve Tremblay, Director General Youssuff Sylla, and Deputy Director General René Désiré Morel. The proposed alumina refinery is to be built on GAC’s concession near Tinguilinta in Boké province, with an initial production capacity of one million tonnes of alumina per year. GAC plans to collaborate with other companies in a joint venture to advance the project.

The Government of Guinea will hold a 15% share in GAC, reinforcing the partnership between GAC and the Government. This share will convert into a 10% stake in the mining operation and a 7.5% stake in the alumina refinery company once production begins. Additionally, the Government will be entitled to two positions on GAC’s Board, including the Chair.

Framework Agreement

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “Driving sustainable economic growth in the countries where we operate is a priority for EGA. We are now looking forward to advancing the alumina refinery project, which will further grow our contribution to the local economy and build local capability in the aluminium value chain.”

Youssuff Sylla, Guinea Alumina Corporation’s Director General, said: “The development of an alumina refining industry is a national priority to further increase the economic benefit of Guinea’s rich natural endowment of bauxite resources. We are working closely with the Government to develop a project that is technically and commercially robust, and that can create value for Guinea and its people, and our company, for decades to come. The signing of the term sheet is an important step as it provides a framework for our negotiations for the way forward for this important project, and we now look forward to the next stage of our discussions with the Government.”

Investment and Employment

Last week, EGA signed a framework agreement with the Aluminium Corporation of China in Beijing, furthering cooperation between the two companies on this project. GAC's development represents the largest greenfield mining investment in Guinea in the past four decades, with production commencing in 2019. GAC employs around 3,200 people in Boké province, comprising both employees and contractors. In 2023, GAC contributed approximately $283 million to the Guinean economy through local procurement, payments to governments, and social contributions.