Guinean deputies unanimously adopted, on Monday, December 24, at the National Assembly, the agreement with Bauxite Kimbo SA, paving the way for its subsequent ratification by the President of the Republic.
The authorization for the ratification of the mining agreement was attended by the Minister of Mines and Geology, Abdoulaye Magassouba, accompanied by senior officials from his department, as well as the CEO of Kimbo SA, Seydouba Bangoura, a former player for the Syli National team and the legendary Hafia 77.
The Bauxite Kimbo project is an integrated project that ??????????????? the construction and operation of a bauxite mine in Fria, a port and a railway. At a later stage, the project promoter will proceed with the construction of an alumina refinery, in accordance with the country’s new mining policy.
The cost of implementing the Kimbo project’s core components amounts to US$3.429 billion. The bauxite phase is estimated at US$358 million, while the refinery phase will cost approximately US$3 billion.
The implementation of the Kimbo project will not only increase bauxite production, but also create jobs and generate revenue for the State, while contributing to the development of the towns of Fria, Télimélé and Dubréka.
Construction of the project, scheduled to begin in early 2019, will be carried out in two phases:
Phase 1: Bauxite production of 3 million tonnes per year, with the possibility of increasing capacity to 10 million tonnes per year;
Phase 2: Construction of an alumina refinery with a production capacity of 1.5 million tonnes per year, expandable to 3 million tonnes per year.
According to Kimbo SA’s CEO, the implementation of this project will help reduce unemployment in the prefectures of Fria, Télimélé and Dubréka through the creation of direct and indirect jobs, including 3,500 jobs during the construction phase and 1,000 jobs during the operational phase.
The economic benefits of Kimbo SA’s project for Guinea include opening up the Télimélé, Fria and Dubréka areas, constructing a 90-kilometre road and port facilities, as well as giving priority to the employment of local workers.
Kimbo SA is a company incorporated under Guinean law and holder of the concession. It is a wholly owned subsidiary of Kimbo Limited, whose shareholders are Zibo Rundi Aluminium Co. Ltd, a company incorporated under Chinese law, and Kimbo Limited, a company established under the laws of the British Virgin Islands.
Boua Kouyaté
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