Emirates Global Aluminium PJSC (EGA) announced yesterday the first exports of bauxite ore from its mines in the West African state of Guinea under the auspices of Guinea Alumina Corporation (GAC).
Per EGA, the commencement of bauxite ore shipments marks the beginning of the company’s status as an integrated aluminium major. The opening of this stream of raw materials assures the firm of not only a new revenue stream, but a secure source of raw materials at competitive prices. Upon full ramp-up at the site, EGA expects to harvest 12 million metric tons of bauxite ore per annum.
EGA’s Guinea bauxite mine project is the result of a US$1.4 billion greenfield investment, which is among the largest such investment in Guinea in four decades. Just over half the funding was provided by development finance institutions, export credit agencies, and international commercial banks, combining to make the effort Guinea’s biggest greenfield mining project financing ever.
“Our first export of bauxite ore is a landmark moment for EGA and for Guinea,” Abdulla Kalban, Managing Director & Chief Executive Officer of EGA said. “For EGA, it completes our strategic expansion upstream, making us an integrated global aluminium producer. For Guinea, the project creates economic opportunity and helps the country to expand its production of its biggest natural resource.”
“On the GAC project, as in all EGA operations, safety is the first priority. I am particularly proud our safety performance on this project was world-class and I thank everyone at GAC and our contractors for this important achievement.”
Based in Abu Dhabi, United Arab Emirates, Emirates Global Aluminium is an aluminium conglomerate created by the merger between Dubai Aluminium (DUBAL) and Emirates Aluminium (EMAL) in 2013. EGA had an estimated enterprise value of US$15 billion at the time the merger took place. The firm is owned equally by Mubadala Development Company of Abu Dhabi and Investment Corporation of Dubai. Emirates Global Aluminium holds interests in bauxite/alumina and primary aluminium smelting.