Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Africa’s top bauxite exporter Guinea shipped 85.6 million tons of the ore last year, 4% more than in 2020, according to its mining ministry.
Despite endemic levels of poverty, the West African nation vies with Australia as China’s largest supplier of bauxite, a reddish ore used to make aluminum. It exported 82.4 million tons globally in 2020.
Alumina exports from United Co. Rusal’s Friguia refinery dropped to 430,244 tons from 453,353 the year before, the Conakry-based ministry said Friday in a report.
The ministry also put 2021 iron ore exports at 1.1 million tons and diamond exports from artisanal producers at 237,853 carats.
Gold exports advanced 11% to 3.3 million ounces versus 2.9 million 2020, it said.
(By Ougna Camara)
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