JOHANNESBURG (miningweekly.com) – Pan-African multilateral development finance institution Africa Finance Corporation (AFC) will invest $205-million to help fund the development of Guinea-based mineral exploration company Alufer Mining’s high-grade bauxite reserves at its Bel Air mine.
“Mining exports have historically played a crucial role in Guinea’s economy, accounting for up to a quarter of Guinea’s exports,” AFC CIO Oliver Andrews said in a statement on Monday.
Once complete, the project will increase production levels in line with global demand, which, at present, outpaces supply.
“As global demand for aluminium increases, AFC is proud to be the sole private sector African investor in Alufer’s Bel Air mine. We are encouraged to see that Alufer has been working with the local community to develop sustainable projects which assist in the provision of drinking water, as well as development of local infrastructure and job creation,” he said.
The ten-million-tonne-a-year Bel Air project is being rapidly advanced, with first production targeted for 2019.