In April, the Guinean Government announced plans to award a $1.4bn contract to Société de Bauxites de Guinée, a Dutch subsidiary of MetalCorp, to build a new bauxite processing plant in the country. Despite having the world’s largest bauxite reserves, Guinea has historically processed very little of the mineral, instead exporting it to foreign countries in deals that favour overseas companies. Guinea has reached an agreement with Russian company Rusal where the latter only has to return 0.01% of its bauxite profits to Guinea, equivalent to around $1 per tonne.
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