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Global Alumina's Guinea alumina jv delayed; ADB provides funding
December 12, 2008 - 09:38 GMT
Location:
London
KEYWORDS:
global alumina
,
guinea
,
bauxite
,
african development bank
,
adb
,
josephine mason
Global Alumina’s joint venture bauxite and alumina project in Guinea has secured the first round of its targeted $2.25 billion in funding, as the already-delayed project was postponed by another two years
“If we stick to the programme, we’re expecting commercial production by 2013,” an official in the ministry of mines told MB on December 11.
This is the second delay for the Guinea Alumina Corp project, which has also been beset by rising costs. In January the costs rose by a third to $4.3 billion and the start-up was pushed back nearly a year to September 2011 (MB Jan 31).
News of the postponement came after the African Development Bank (ADB) agreed to provide $450 million in financing for the ambitious project, which contains 10 million tpy of bauxite and will include a 3.3 million tpy alumina refinery, with ramp up to 3.6 million tpy within five years.
“It is one of seven major lenders that the joint venture is...
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