Guinea investment immigration focuses on the political and economic situation in Guinea: On November 5, 2012, Guinea Bauxite Company (CBG) signed a long-term bauxite supply agreement with the United Arab Emirates, as reported by the Gulf News Agency last Friday.
“The agreement with Mubadala will significantly contribute to the Guinean economy by increasing the annual production capacity of Guinea Bauxite Company to over 20 million tons,” said Guinea's Minister of Mines, Fofana, as quoted by the UAE news agency.
The news agency did not report the duration and value of the contract between Guinea Bauxite Company and Mubadala Development Company (UAE investment).
The annual production capacity of Guinea Bauxite Company is 13.5 million tons.
The report also quoted Fofana at the signing ceremony in Abu Dhabi, stating that the new contract will increase Guinea's GDP by $500 million.
In March of this year, Fofana indicated that Guinea had begun negotiations regarding Mubadala's stake in Guinea Bauxite Company, which is a joint venture between the Guinean government, Alcoa, and Rio Tinto.
Guinea is the world's largest exporter of bauxite. Dubai Aluminium Company, located in the UAE, produces approximately 1 million tons of aluminum annually.
