Abu Dhabi inks ore supply deal with Guinea
ABU DHABI - Agence France-PresseAbu Dhabi has signed a long-term contract with the world’s biggest producer Guinea for the supply of bauxite ore for the United Arab Emirates aluminum industry, state media reported on Nov. 3. The deal between Abu Dhabi investment fund Mubadala and Guinean firm Compagnie des Bauxites de Guinee will give the U.A.E. “a strategic resource” for its aluminum industry and will help CBG to further increase its bauxite production, the official WAM news agency reported.
Guinean Mines Minister Mohamed Lamine Fofana said that the agreement would enable partly state-owned CBG to increase its production capacity to more than 20 million tons per annum, injecting $500 million (389 million euros) into the Guinean economy.
Mubadala chief operating officer Walid al-Muhairi said the Guinean firm would provide a “long-term and high-quality” supply for the U.A.E aluminum industry.