UAE’s largest industrial firm outside gas and oil, Emirates Global Aluminum, made an announcement today regarding the first exports of bauxite ore from Guinea Alumina Corporation, which is its mining project in the West Africa’s Republic of Guinea.
This project’s first exports of bauxite ore from Guinea Alumina Corporation marks the completion of Emirates Global Aluminum’s strategic development upstream in the aluminum value chain for the creation of an integrated global aluminum giant. New revenue streams for Emirates Global Aluminum are created by the Al Taweelah alumina refinery and the GAC project, as well as, secured at reasonable prices the raw materials that the aluminum industry of the United Arab Emirates needs.
The ore from which Aluminum is derived is ‘Bauxite’. After further refining of Bauxite, Alumina is formed, which is the feedstock for aluminum smelters. In the past, to meet all its alumina needs, Emirates Global Aluminum was dependent on imports.
The GAC project of Emirates Global Aluminum is amongst the largest investments of greenfield in Guinea in the past four decades, and cost nearly $1.4bn to develop. The largest mining project of greenfield was behind the funding of more than half of the funds in Guinea, which a loan of 750 million dollars from export credit agencies, development finance institutions, as well as, from international commercial banks.
It is expected that Guinea Alumina Corporation will make a direct, an indirect, as well as, induced economic impact of nearly 700 million dollars every year in Guinea once there is full ramp-up of the production, a boost of 5.5 per cent to the national Gross Domestic Product.
Nearly 3.3 billion dollars were invested by Emirates Global Aluminum to develop Al Taweelah alumina refinery, which is the first in the United Arab Emirates and only the 2nd in the Middle East.