🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Guinea bauxite mining back to normal after week of riots

Published 2017-09-25, 10:52 a/m
Guinea bauxite mining back to normal after week of riots
AA
-
RIO
-

CONAKRY, Sept 25 (Reuters) - Bauxite mining companies have resumed normal operations in Guinea's Boke region as local authorities try to negotiate a definitive end to unrest that has disrupted production for more than a week, sources familiar with the matter said on Monday.

Riots have gripped Boke and surrounding towns several times this year as angry youths have pillaged police posts and blocked trains and railroads to protest against electricity cuts and a lack of jobs and services. companies have had to stop and start operations repeatedly over the past week.

Despite decades of mineral extraction, Guinea, Africa's top bauxite producer, remains one of the world's least developed countries, a major gripe of young Guineans who want to see tangible benefits from mining revenues.

"All mining operations are continuing normally since the end of last week," said an official at the state agency for the development of mining infrastructure, speaking on condition of anonymity.

"This afternoon there will be a meeting between the protest leaders and local authorities to find a definitive solution to these problems," he added.

The area is home to two major companies that each produce about 15 million tonnes of the aluminium ore bauxite annually, together making up nearly all of Guinea's production.

The Compagnie des Bauxite de Guinee (CBG) is back to normal production capacity after having tentatively resumed operations on Friday when riots died down, said a CBG official, who asked to remain unnamed.

A representative for the Societe Miniere de Boke (SMB) did not respond to requests for comment on Monday but said last week that SMB had begun resuming operations. is 49 percent owned by the Guinean state and the remainder by Alcoa (NYSE:AA) AA.N , Rio Tinto (LON:RIO) Alcan RIOXXA.UL and Dadco. SMB is owned by Guinea, China's Winning Shipping Ltd, Shandong Weiqiao SDWQP.UL and UMS International Ltd.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.