Compagnie des Bauxites de Guinée and Mubadala Development Company announce long-term bauxite supply agreement
- United Arab Emirates: Saturday, November 03 - 2012 at 15:00
- PRESS RELEASE
In the presence of His Highness General Sheikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, and His Excellency Alpha Condé, President of the Republic of Guinea, Compagnie des Bauxites de Guinée (CBG) announced the signing of an agreement with Mubadala Development Company (Mubadala) of Abu Dhabi for the long-term supply of bauxite to the United Arab Emirates (UAE), which will see new jobs and investment come to Guinea.
Commenting on the agreement, HE Mohamed Lamine Fofana, Minister of Mines and Geology of the Republic of Guinea and Chairman of the Board of CBG declared: "This is a good deal for both Guinea and the UAE. The agreement reached today will see a major investment in the bauxite industry, significantly expanding the production of bauxite and creating much needed jobs for Guineans."
He added: "This is an important milestone in the history of CBG and a vital component of the company's strategy of becoming the world's leading producer of high-quality bauxite. Furthermore, the new supply agreement will bring close to $0.5bn of additional GDP to Guinea, with a significant increase in our fiscal revenues - further enhancing the rapid growth and stability of our economy. We look forward to continued results from this long-term, strategic partnership with Abu Dhabi and the UAE, including further developments in bauxite mining and alumina refining in Guinea and sustainable cooperation in other fields such as agriculture, energy and transportation. We are very encouraged by His Highness the Crown Prince's support for this collaboration and the continued strengthening of the relationship between our two countries."
Commenting on the agreement, Waleed Al Mokarrab Al Muhairi, Chief Operating Officer of Mubadala said: "By securing a long-term, high-quality source of raw materials for the UAE's aluminium industry, this agreement underpins our strategy to develop a global champion in this sector, active in all parts of the value chain. We are delighted that our partnership with the Government of Guinea can create such positive results for both of our economies and look forward to more to come."
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