Dubai Aluminium Company Limited (DUBAL), the seventh largest producer of aluminium in the world, has announced that it has entered into a strategic joint venture to develop and operate the Sangaredi Refinery Project in the Republic of Guinea. The other parties to the joint venture agreement are Broken Hill Proprietary Company Pty Limited (BHP Billiton), Global Alumina International Ltd (GAI), and Mubadala Development Company PJSC (Mubadala).
In terms of the agreement DUBAL will make a substantial investment in Guinea Alumina Corporation Ltd (GAC), presently a wholly-owned subsidiary of GAI, by way of share subscriptions which will result in DUBAL owning a 25% stake in GAC. GAI and BHP will each hold 33.33% and Mubadala 8.33%.
In addition, DUBAL will simultaneously enter into a long-term purchase and sale agreement with the Project Company for alumina produced at the proposed refinery.
"We are delighted to join hands with such reputed and experienced players. The Guinea Project is a key element of DUBAL’s global growth strategy and its vision to be among the top five aluminium producers in the world by 2015. The project will bring substantial benefits to Guinea and will considerably enhance the quality of life of the local community," said Mr. Abdulla Kalban, CEO of DUBAL.
Guinea is known to have around a third of the world’s bauxite reserves. As such, the Sangaredi Refinery Project will give DUBAL long-life access to low cost alumina.
The Sangaredi Refinery Project, with an estimated cost of around US$ 3 billion, will have the capacity to produce 3 million tonnes of alumina a year. The refinery site is located 100 km inland from Kamsar and has access to an existing rail infrastructure linking it to the Port of Kamsar, where dedicated facilities are already under construction. The development will also include a 9 million mt/year bauxite mine and associated infrastructure. A 690 km2 mining concession, with estimated reserves of around 1 billion tonnes of bauxite, has been secured.
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