Guinea investment immigration focuses on Guinea's political economy: Xinhua News Agency, Conakry, March 16 (Reporter Hao Wangle) The Guinean government announced on the 16th that in order to strengthen Guinea's leading position in the global bauxite production sector, it will further expand bauxite production, and by 2020, Guinea's bauxite production will double from the current level. At that time, its share of global production will increase from the current 7% to 25%.
Guinea's territory of 245,000 square kilometers is home to two-thirds of the world's bauxite, approximately 4.1 billion tons, with ore grades ranging from 40% to 53%. Currently, three companies are engaged in bauxite mining in Guinea, with an annual production of about 17 million tons. Additionally, there are eight development projects with a total investment of $24 billion underway, expected to produce an additional 61 million tons of bauxite and about 20 million tons of alumina by 2017.
It is understood that due to the major bauxite-producing country Indonesia announcing last year that it would stop exporting unprocessed bauxite by 2014, other bauxite-importing countries have been forced to accelerate the expansion of their import channels. Guinea has recently signed several large bauxite supply agreements, taking advantage of this opportunity, and has promoted the progress of related bauxite projects. Industry insiders in Guinea believe that this opportunity will strengthen Guinea's position in the international bauxite supply market.
