IPNEWS: The Republic of Gunea and China have broken ground for a $1 billion alumina refinery in Boffa, Guinea.
This 1.2-million-ton per year capacity project marks the company’s first overseas alumina plant and aims to strengthen the raw material supply chain for China’s aluminum industry.
Located in Boffa, Guinea, the refinery has a capacity of 1.2 million metric tons of alumina annually, with a approximately $1 billion, developed by Chalco Hong Kong, expected to take 3 to 4 years on construction.
The Al A wholly-owned project subsidiary is being established in Guinea to oversee the investment and operations.
The Guinean government will receive a 5% free-carried stake in the project company once the plant begins production.
The government retains a one-time option to purchase additional shares to increase its total holding up to 35% at fair market value.
