SHANGHAI, May 26 (SMM) –Shandong Weiqiao Pioneering Group, also known as Weiqiao Group, got into trouble earlier as its shares were suspected of being sold short by European and US institutions. It was believed by some that this is because Weiqiao Group moved Alcoa and Rio Tinto’s “cheese” – bauxite in Guinea.
Guinea’s bauxite exports were not high before Weiqiao Group set foot into this country. Bauxite exports from Guinea skyrocketed from 300,000 tonnes in 2015 to current 11.9 million tonnes, up about 40 folds, much of which was contributed by Weiqiao Group.
Bauxite exports from Guinea will probably hit 60 million tonnes by 2020 along with Alcoa’s expansion project and commissioning of projects by Emirates Aluminium, Rusal, etc. in Guinea.
The fight for the aluminum smelting ingredient in Guinea is inevitable, MiningSink predicts.
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