👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

UPDATE 1-Guinean protests halt bauxite miner CBG's operations

Published 2017-09-19, 06:47 a/m
© Reuters.  UPDATE 1-Guinean protests halt bauxite miner CBG's operations
AA
-
RIO
-

CONAKRY, Sept 19 (Reuters) - Guinean bauxite miner CBG's operations were halted again on Tuesday by protesters who blocked roads and train tracks in the town of Kamsar out of frustration at electricity cuts, a company official and a state agency source said.

Deadly riots froze mining operations in the town of Boke and surrounding region including Kamsar last week, the latest in a series of protests to grip the West African country this year.

CBG's operations resumed Monday afternoon but protesters again erected barricades overnight, stopping a train that runs between its mine and factory and preventing employees from going to work, the company official and agency source said.

"Everything is stopped. We must find a solution to this situation because the losses for the company are significant," said the CBG official, who asked not to be named.

CBG, which 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, is one of two major bauxite miners in Guinea that each produce about 15 million tonnes of the aluminium ore annually.

The other company, Societe Miniere de Boke (SMB), also saw operations resume Monday after riots subsided in Boke.

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.