 |
 |
||||||
[Nov 2005]
Bauxite Agreement in Guinea
Halco Mining Inc and the Government of the Republic of Guinea have announced that they have reached an agreement regarding bauxite rights in accordance with the Basic Agreement of Compagnie des Bauxites de Guinee (CBG), enabling growth in the alumina refining industry in Guinea.
Halco owns 51% of CBG, which mines bauxite in the Boke region of the Republic of Guinea. The Government is Halco's partner in CBG. Alcan Inc (45%), Alcoa World Alumina & Chemicals (45%) and Dadco Investments Ltd (10%) are the shareholders of Halco. CBG has exclusive rights through to 2038 to bauxite reserves and resources in north-western Guinea (CBG Lease).
Under the agreement, the Government, CBG and Global Alumina will execute a three-party agreement containing acceptable terms allowing the granting of mining rights in an agreed upon part of the Initial Territory to Global Alumina. The technical experts of CBG, Halco and the Government will meet to recommend the granting of additional mining titles for 2 billion tons of bauxite reserves to CBG of agreed upon quality.
ENDS