[miningmx.com] – GUINEA has cancelled bauxite exploration licences awarded to a joint venture between a Chinese company and a local firm which has members of president Alpha Conde’s government has shareholders, said Reuters.
The Guinea government said the exploration blocks were cancelled as the local firm could not raise the necessary funding and not because it had government representatives as shareholders. The Chinese joint venture partner was backed by Shandong Xinfa Aluminum and Electricity Group, said Reuters citing sources.
The blocks are located 150km north of Conakry in acreage previously owned by BHP Billiton which halted exploration there in 2012 after aluminium prices dropped.
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