Guinea's Minister of Mines Bouna Sylla recently announced that the country will accelerate the construction of alumina refineries and iron ore pellet plants to end decades of solely exporting raw ore. This week, Guinea's large-scale Simandou iron ore mine is expected to commence its first ore shipments.
As the world's largest bauxite producer, Guinea exports approximately 60% of its bauxite to China, and one-third of the Simandou iron ore production will also be supplied to Chinese steel mills. The country has already signed its first alumina refinery agreement with China's SPIC, with the project underway and expected to be completed by the end of 2027. Meanwhile, negotiations for new plants with China's Chinalco and France's Alteo are advancing, while discussions with Guinea's CBG and the US's Alcoa are still ongoing.
Guinea plans to build five to six alumina refineries by 2030, increasing its annual domestic processing capacity to approximately 7 million mt. Previously, the country revoked the bauxite mining rights of a subsidiary of the UAE's EGA for failing to fulfill its commitment to build a local refinery. In July, the World Bank noted that local mineral processing would create industrial employment opportunities for Guinea, reduce the impact of commodity price fluctuations, and drive economic transformation. It is reported that Guinean bauxite, with its low silicon content and suitability for low-temperature refining, supports 25% of global aluminum production.
