(Corrects background on formation of EGA, paragraphs 5,6)
CONAKRY, June 25 Guinea's parliament has
approved amendments in a deal with Emirates Global Aluminium
(EGA) which will see the start of bauxite production in 2017 and
the construction of a 2-million-tonne-per-year alumina refinery
"The National Assembly unanimously adopted the amendment of
Global Alumina project," Saadou Nimaga, legal counsel of
Guinea's mines ministry told Reuters late on Tuesday.
The adoption of the amendments clears the path for the
project after the West African nation and Abu Dhabi state-owned
investment fund Mubadala signed a $5 billion
agreement in November to develop a bauxite mine and an alumina
refinery in minerals-rich Guinea.
The project was previously owned by a consortium that
included Dubai Aluminium (Dubal), Mubadala, BHP Billiton and
Global Alumina and had planned to build a 2.8 million tonnes
refinery. The project was delayed after failing to raise funds
following the financial crisis.
EGA was formed by integrating the businesses of Dubal and
Emirates Aluminium. It is owned by Mubadala Development Company
of Abu Dhabi and the Investment Corporation of Dubai.
Guinea Alumina Corporation (GAC), which will deliver the
project, is a wholly-owned subsidiary of EGA.
EGA is set to become the world's fifth largest aluminium
company by output this year and the Guinea project will enable
it secure raw material for United Arab Emirates' aluminium
Guinea is the world's top supplier of bauxite, the raw
material used in aluminium production. Alumina is partially
Under the agreement bauxite will be ready for export by 2017
and the refinery will be operational by 2022.
(Reporting by Saliou Samb; writing by Bate Felix; editing by