Emirates Global Aluminium nearing finance for $1.4bn Guinea bauxite mine

Bauxite mine in Guinea

GUINEA Alumina Corporation, a subset of Emirates Global Aluminium, is nearing conclusion of a finance package worth $700m to $800m which it will use to build a new $1.4bn bauxite mine in Guinea, said Reuters.

If the finance is concluded, it will lead to the largest greenfields investment in the West African country in four decades, the newswire said.

“The project financing is ongoing, it is in the final stages,” said Danny Dweik, CFO of Emirates Global Aluminium in an interview with Reuters. “We are hoping to close very soon,” he said. Dweik was commenting at the firm’s annual results presentation.

Emirates Global Aluminium reported net income of 1.2 billion dirhams, equal to $325m for 2018 which was 64% lower than the previous year owing to the cost of higher raw materials.

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