Published On: Mon, Feb 6th, 2017

AFC in Guinea maiden mega mining investment

afclogoLAGOS, (CAJ News) – AN international consortium, including the Lagos-based Africa Finance Corporation (AFC), is set to invest in Alufer Mining to fund the development of Guinea-Conakry’s high grade bauxite reserves.
The US$205 million deal will be one of the largest foreign investments in the country since the 2014 Ebola crisis.
Once complete, the project will increase production levels in line with global demand, which at present outpaces supply.
Currently, there is a greater than 6 percent per annum five-year growth forecast for aluminum consumption, primarily driven by Chinese demand.
Oliver Andrews, Chief Investment Officer of AFC, said pointed mining exports had historically played a crucial role in Guinea’s economy, accounting for up to a quarter of Guinea’s exports.
He said as global demand for aluminium increases, AFC is proud to be the sole private sector African investor in the Bel Air Mine, developing a world class mine that adheres to best practise environmental principles.
“We are also encouraged to see that Alufer has been working with the local community to develop sustainable projects which assist in the provision of drinking water, as well as development of local infrastructure and job creation,” said Andrews.
AFC’s high calibre consortium partners include Orion Mine Finance, a specialist mining investor, with over US$2,5 billion of assets under management, and Resource Capital Funds, a mining focused private equity firm with over US$2,5 billion under management, as well as existing shareholders.
CAJ News

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