Guinea Approves $2.9 Billion Bauxite Deal With China's TBEA

(Bloomberg) -- Guinean lawmakers approved a $2.9 billion deal with China’s TBEA Co Ltd. for the development of a bauxite-alumina project in the West African nation.

The project, which includes a bauxite mine and the construction of a port, railroad and power plant, will generate $406 million in annual revenue for Guinea, a spokesman for parliament’s mines and industry commission, Dian Bailo Diallo, told lawmakers Tuesday in the capital, Conakry.

Guinea, which vies with Australia as the biggest exporter of bauxite to China, said in December that TBEA’s production of the aluminum-making ingredient will begin in June 2019 while alumina output is expected to start two years later. TBEA will also construct an aluminum foundry within seven years, according to the government.

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