SANGAREDI, Guinea, April 19 - Global Alumina will not complete its planned 2.8-million tonne alumina refinery in Guinea in 2008 because of building delays and prolonged negotiations, a senior executive said.
"There is a lot of work and things that have been added and that is going to lengthen the delays. We will not be able to inaugurate this project in 2008, rather nearer 2010," Mamady Youla, a senior Global Alumina official, said late on Wednesday.
"It is clear that we have lost time with negotiations that have sometimes been too long ... with constraints on the ground that were not foreseen at the outset," he said, adding that the cost of the project was rising.
"The project had been estimated at $2.2 billion, today we are at over $3 billion," he said.
Global Alumina said in March it had agreed to sell a two-thirds stake in the project to the world's biggest mining group, BHP Billiton , Dubai Aluminium Company (DUBAL) and Mubadala Development Company.
The company said then its board of directors had determined the company was in serious financial difficulty but that the joint venture agreement should improve its financial health.
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