YAOUNDE (Reuters) - UC RUSAL, the world's biggest aluminium producer, is keen to invest in Cameroon as part of its efforts to diversify its sources of bauxite, the firm said on Wednesday.
Yakov Itskov, director of RUSAL's international division, cited a new government and a mining review in Guinea, where RUSAL has a major operation, as potential threats to investors and reasons to look for new partners elsewhere.
Itskov was speaking to reporters in Cameroon after the company and the government set up a joint working group to explore investment opportunities, which could also involve energy and infrastructure projects.
"Cameroon is of great interest to RUSAL because it possesses important reserves of bauxite, the basic raw material for the production of alumina and aluminium," Itskov said, praising the country's political stability.
Cameroon is headed by President Paul Biya, one of Africa's longest-serving leaders who has ruled the oil exporter for 29 years and is expected to seek another mandate later this year after a reform in 2008 removed term limits.
RUSAL has long operated in Guinea but has been involved in several disputes with the government and unions and, after elections last year, the government is trying to push through mining reforms, which risk spooking investors.
A Guinea mines ministry official told Reuters last month that it was "moving toward a showdown" with the Russian firm.
"The rise to power of the new government headed by Alpha Conde could result in the revision of laws regulating bauxite mining and development. All this may adversely affect the investment climate there," Itskov said.
"RUSAL, having an understanding of the importance and necessity of economic and political stability needed for investing in the bauxite industry development, is trying to expand its resource base and looking for new partners and alternative raw material sources," he said.
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