Guinea to Build $1.68 Billion Alumina Plant in Boffa

 A $1.68 billion alumina plant will be built in the Guinean city of Boffa, with the project being implemented by the Chinese aluminum producer Chalco, according to the Office of the President of Guinea.

The signing ceremony for the agreement with the Chinese side was attended by the head of the Guinean president's cabinet, Djiba Diakité, as well as the Secretary General of the Presidential Administration, Amara Camara, industrial partners, presidential advisers, and other senior officials.

"The production capacity of the facility is expected to be 1.2 million tons of alumina per year, with total investment estimated at $1.68billion,ofwhich$1.12 billion is dedicated exclusively to processing infrastructure," the statement read.

Additionally, the project provides for the development of Guinea's human resources — the Chinese side will offer 500 scholarships over 20 years in technical and industrial fields. Furthermore, an engineering and technical school with a capacity of 100 students per year will be built in the African country.

"This project is part of an overall economic transformation strategy that makes industrialization and local processing of mineral resources a central pillar of development. It also aligns with the goals of the Simandou 2040 program, which provides for the creation of five alumina plants by 2030, three of which are already in the implementation phase," the release stated.

According to Bloomberg, citing the Chinese company, the Guinean government will receive a 5% stake in the Boffa project and may increase its share at market value to up to 35%.

In March, Russian company Rusal paid retirement benefits to former employees of the alumina plant at the Friguia bauxite-alumina complex in the city of Fria, Guinea, allocating 3.3 billion Guinean francs (approximately $375,000).