News Desk
ABU DHABI: The Republic of Guinea, represented by the Minister of Mines and Geology and the Minister of Economy, Finance and Budget, on the one hand, and the companies Guinea Alumina Corporation (GAC) and Emirates Global Aluminium (EGA), on the other hand, have reached an amicable settlement, negotiated under the auspices of the incumbent President (Bâtonnier) of the Paris Bar Association, aiming at definitively settling the disputes arising from the cessation of GAC’s activities in the Republic of Guinea and the interruption of Guinean bauxite supplies to the EGA Group, including any dispute related to Compagnie des Bauxites de Guinée (CBG).
The terms of the agreement, which is subject to some conditions, include, on one hand, the payment by the Republic of Guinea of a lump sum to GAC, in particular in exchange for the transfer of GAC’s assets to Nimba Mining Company (NMC) for the purpose of exploiting the Sangarédi bauxite project, and, on the other hand, the renewal of the bauxite supply agreements between CBG and the EGA Group under mutually beneficial commercial terms.
In line with the guiding principles set by the Simandou Strategic Committee, this agreement reflects the decidedly constructive effort to normalise and strengthen trade relations between the parties.
