Zimbabwe may sell 40% stake in a key gold mine to raise capital
Zimbabwe’s largest gold producer is negotiating with potential partners to boost production at its Shamva mine.
Guinea Alumina Corporation, a unit of Emirates Global Aluminum, signed a preliminary agreement with the Guinean government for the construction of an alumina refinery.
The plant is expected have a capacity of 1 million tons a year and be built in the region of Boke, where the company already extracts bauxite, according to a statement posted on Guineenews website.
Guinea’s ruling military junta has demanded clear alumina refinery projects from the main exporters of bauxite, the ore from which aluminum is derived. The move is aimed at promoting the processing of minerals on site, creating jobs and boosting mining revenues.
The government will own a 15% stake in GAC, according to the statement.
(By Ougna Camara)
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