Nigeria and African Finance Corporation (AFC) Sign USD 1.3B Deal for Alumina Refinery and Mining Projects

Published: Mar 2, 2026 16:07

Save

[SMM Aluminum Express News] The Federal Government of Nigeria and the African Finance Corporation (AFC) have signed a landmark Memorandum of Understanding to co-fund three strategic mining projects. The flagship initiative is a USD 1.3 billion alumina refinery designed to process approximately 1 million tons of bauxite per year using a modern Bayer-process flowsheet. It will feature an on-site gas-fired cogeneration plant to produce steam and electricity for efficient operations. The refinery is projected to run for about 20 years at 95% utilization, yielding a cumulative total of around 19 million tons of alumina over its lifespan.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Data: SHFE, DCE market movement (Mar 03)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 03 Mar , 2026

1 hour ago

Common.Time.hoursAgo

Domestic Secondary Aluminum Alloy Ingot Inventory Down by 364 mt, Foshan Sees Major Destocking

[SMM News Flash] Inventory of secondary aluminum alloy ingots in major domestic consumption areas decreased by 364 mt MoM from the previous day, with destocking mainly concentrated in the Foshan area.

Common.Time.hoursAgo

New Locomotives Boost Guinea's TransGuinean Rail for Iron Ore, Bauxite Transport

[SMM Aluminum Express News] Four new locomotives, Foussein, Lanny-Ninkin, Kaporo, and Gbereakhory have entered service on Guinea's TransGuinean corridor rail line, managed by La Compagnie du TransGuinéen (CTG). Primarily built to haul high-grade iron ore from Simandou mine to Morebaya port (650 km), these Wabtec units (part of a 78-locomotive fleet) support heavy loads for faster, reliable shipments. The corridor's high-capacity infrastructure (12 stations, 206 bridges, rugged terrain adaptations) also enables transport of bauxite and other minerals, creating a multi-commodity logistics backbone that could shorten transit for landlocked neighbors (e.g., Mali) and boost regional mineral exports.

Common.Time.hoursAgo