UAE, Guinea sign long-term bauxite supply agreement

Abu Dhabi, Nov 4, 2012 (WAM) - In the presence of General Sheikh Mohammad bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Professor Alpha Conde, President of the Republic of Guinea, Compagnie des Bauxites de Guinee (CBG) announced on Saturday the signing of an agreement with Mubadala Development Company, or Mubadala of Abu Dhabi, for the long-term supply of bauxite to the UAE. This agreement secures a strategic resource and a key part of the aluminium value chain for the UAE’s aluminium industry, while delivering a significant uplift for the economy of Guinea and enabling the launch of a major investment programme to increase the capacity of CBG. Sheikh Abdullah bin Zayed Al Nahyan, UAE Foreign Minister was also present at the signing ceremony. Mohamed Lamine Fofana, Minister of Mines and Geology of the Republic of Guinea and chairman of the Board of CBG declared: “This announcement is the first concrete result of the strategic partnership between Guinea and the UAE. The agreement with Mubadala will make a significant contribution to Guinea’s economy by enabling the expansion of CBG to more than 20 million metric tonnes of bauxite per year, creating many new jobs for Guineans both during the construction of the expansion, and during the future expanded operations.” 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 US$0.5 billion 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 support for this collaboration and the continued strengthening of the relationship between our two countries”. 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. Our partnership with the Government of Guinea can create such positive results for both of our economies and look forward to more to come.” – Emirates News Agency, WAM