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Tuesday, September 21, 2021

Factbox-Guinea's top minerals at risk after coup - Yahoo News

Last updated Monday, September 6, 2021 10:20 ET , Source: NewsService

LONDON (Reuters) - Guinea's special forces on Sunday ousted the West African country's president, raising the political and operational risk for its minerals, which include bauxite, diamonds, iron ore and gold.

Mining accounts for about 35% of GDP in Guinea and while the West African country has large reserves, the development of many of its minerals has been hobbled by a lack of infrastructure, legal spats and alleged corruption.

Land and air borders were reopened on Monday, a government spokesperson said, but political risk on projects remains elevated.

Guinea also has mineral resources including cement, salt, graphite, limestone, manganese, nickel and uranium.

Below is a breakdown of the country's main minerals by product.

BAUXITE

Guinea is the world's second-largest producer of bauxite, the main ore source of aluminium, much of which is destined to be processed in China.

Guinea accounts for about 22% of the world's production, producing 82 million tonnes of bauxite in 2020, according to the U.S. Geological Survey (USGS). Guinea is home to the world's largest reserves of bauxite at 7.4 billion tonnes.

Societe Miniere de Boke (SMB) and Compagnie des Bauxites de Guinee (CBG) are Guinea's top two bauxite producers.

SMB is owned by a consortium including Singapore shipping company Winning International Group, Shandong Weiqiao - a subsidiary of the world's top private sector aluminium producer China Hongqiao - and Guinea's UMS International.

CBG is 51% owned by consortium...



Read Full Story: https://news.yahoo.com/factbox-guineas-top-minerals-risk-142037304.html


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