Guinea is accelerating an ambitious attempt to build its own state-controlled mining champion, less than a year after taking control of one of the country’s major foreign-operated bauxite assets.
Nimba Mining Company, which is wholly owned by the Guinean state, is targeting annual bauxite production of at least 14 million tonnes within the next two to five years while expanding into alumina, gold and base metals.
The company also plans to introduce monthly tenders for some of its bauxite, opening sales to international commodity traders and miners as Guinea tries to establish Nimba as a commercially run producer rather than simply another vehicle for government participation in the mining industry.
Mines Minister Bouna Sylla told Reuters that companies including Mercuria, Glencore, Rio Tinto and Vedanta could participate in the tenders.
The plan comes days after Guinea selected commodities giant Glencore through an international tender as an offtaker for Nimba’s bauxite, although negotiations on the final agreement were still underway.
