Mubadala Signs Long-Term Bauxite Agreement from Guinea
Mubadala Development Company and Compagnie des Bauxites de Guinee (CBG) inked a long-term supply agreement for bauxite. Bauxite is the key raw material in aluminum. Guinea is the world’s biggest exporter of bauxite. The deal is expected to add $500 million to Guinea’s gross domestic product. This investment will increase CBG’s capacity and securing a strategic resource from the United Arab Emirates’s aluminum industry. By 2017, Mubadala’s demand for bauxite is expected to reach 5 million metric tons per year. Dubai Aluminum Co. (Dubal) produces nearly 1 million metric tons of aluminum per annum.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]Tweet
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