Australia-listed bauxite and gold exploration company Lindian Resources and Polymetals Resources said on Tuesday that their activities in Guinea have not been affected by the coup, and that Guinea’s new leader’s attitude towards mining is encouraging .
Guinea is the world’s second largest producer of bauxite (aluminum ore). The overthrow of the country’s President Conte has triggered concerns about the supply of bauxite, even if there are no reports of production or export disruptions. , But the price of bauxite is still rising.
Tuesday at 0930 GMT, the price of Guinea bauxite AM-45GUI-BAUX shipped to China was US$51 per ton, up 1% from Monday, and hitting the highest level since March 2020.
London Metal Exchange (LME) benchmark aluminum futures was flat at US$2,773 per ton and hit a 10-year high on Monday.
“Military leaders specifically pointed out the importance of the mining industry to the country’s development and opened up operations, with a focus on foreign investment,” Polymetals executive Aguibou Bah said.
The national repositioning and development committee of the leader of the coup said on Monday that it will “respect all obligations related to the mining agreement.”
Lindian Resources, which owns three bauxite projects in Guinea, said it was “encouraged” by these public statements.
The bauxite project in Guinea, a subsidiary of Aluminum Corporation of China, said its operations are normal.
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