Africa

IMF Says Collateral At Risk In Bauxite-Backed Loan From Sinohydro To Ghana

IMF Says Collateral At Risk In Bauxite-Backed Loan From Sinohydro To Ghana

Repayment of a US$2-billion loan backed by a portion of Ghana’s bauxite reserves may be defaulted upon according to a report published last week quoting the International Monetary Fund (IMF). According to the Natural Resource Governance Institute’s report entitled Resource-Backed Loans: Pitfalls...

Events

Chalco Ships First Bauxite From Boffa Mines In Guinea

Aluminum Corp of China Ltd (Chalco) earlier this week commenced the first shipment of its inaugural batch of bauxite ore from mines in the West African country of Guinea. According to a Chinese ship-tracking website, the first 55 thousand metric tons of bauxite from the project left port on Sunday secured in the cargo holds […]

Power Restored To Ghana’s VALCo Smelter After Brief Debt Row

Power is back on at Volta Aluminum Company Limited’s (VALCo) plant in Ghana today after provider Ghana Grid Company Limited (GRIDCo) cut the supply on Monday over VALCo’s outstanding unpaid debt to the firm. The Head of Communications and Public Affairs for Ghana’s Energy Ministry Nana Oppong Damoah confirmed the new state of affairs to […]

Citic Dicastal Opens Second Moroccan Aluminium Alloy Wheel Plant In Kenitra

The People’s Republic of China’s aluminium alloy wheel producer Citic Dicastal commissioned a €350-million manufacturing plant in Northern Morocco last week. The plant’s opening was the second this year by Citic Dicastal in as many years in the North African country. The second product of a project entitled Citic Dicastal Africa, the 7.4-acre plant will […]

EGA Inks Five-Year Bauxite Supply Agreement With Xinfa From GAC Mines In Guinea

Emirates Global Aluminium PJSC (EGA) said earlier this week it has come to a five-year agreement with Xinfa to supply its refineries with bauxite from its bauxite mines in Guinea. Per the firm, EGA’s Guinea Alumina Corporation (GAC) would supply the Chinese firm with “millions of tonnes” of bauxite starting next year and the first […]