UAE, Guinea ink long term bauxite supply deal

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) signed 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.

This agreement uplifts the economy of Guinea enabling the country to benefit from a major investment program to increase the capacity of CBG, while securing strategic resource for the UAE’s aluminium industry.

HE Mohamed Lamine Fofana, Minister of Mines and Geology of the Republic of Guinea and Chairman of the Board of CBG, said, “The new supply agreement will bring close to US$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.”