Republic of Guinea, GAC, EGA reach agreement
Guinea, represented by its Minister of Mines and Geology Bouna Sylla, has reached an amicable settlement with Guinea Alumina Corporation (GAC) and Emirates Global Aluminium (EGA) to definitively settle the disputes arising from the cessation of GAC's activities in Guinea and the interruption of Guinean bauxite supplies to the EGA Group.
The agreement was negotiated under the auspices of the incumbent President of the Paris Bar Association.
The agreement also settles any dispute related to Compagnie des Bauxites de Guinée (CBG).
The terms of the agreement, which is subject to some conditions, include the payment by Guinea of a lump sum to GAC, in particular in exchange for the transfer of GAC’s assets to Nimba Mining Company for the purpose of exploiting the Sangarédi bauxite project.
Additionally, terms of the agreement include the renewal of the bauxite supply agreements between CBG and the EGA Group under mutually beneficial commercial terms.
The parties note, in a media release, that, 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.
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