Global Alumina's Guinea alumina jv delayed; ADB provides funding

London 12 December 2008 09:38

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...

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