UPDATE 1-Guinea confirms talks on China mining deal -media

* $7 bln deal would create joint venture mining company

* Existing contracts in Guinea not at risk, gov't says
(Adds details)

CONAKRY, Oct 15 (Reuters) - Guinea is in talks with China
Investment Fund on a $7 billion deal to create a mining
joint-venture company in the world's top bauxite supplier, the
mines minister told local media.

The deal would not pose a risk to any existing mining deals
in the country, home to international miners Rio Tinto RIO.TO
and RUSAL, the minister told Guineenews.org in an interview
published on Tuesday.

"No existing concession will be overtaken. This is to
create a Guinean national mining company that will manage the
state's shares in existing projects," Mine Minister Mahmoud
Thiam told Guineenews.org, citing examples like state-run
Sonangol in Angola and Vale in Brazil.

The announcement comes after Guinea's ruling military junta
attracted broad international condemnation for a bloody
crackdown on opposition protesters Sept. 28 that killed 157
people, according to a local human rights group.

Thiam said CIF, made up of several investment groups
including some belonging to the Chinese government, would
provide the financing for the project, adding the fund is
incorporated in Singapore and Hong Kong.

Officials at Guinea's mines ministry were not immediately
available for comment.
(Reporting by Saliou Samb; writing by Richard Valdmanis and
David Lewis; editing by Matthew Lewis)