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With a participation of US$40 million by Afreximbank and US$25 million by AFC and BADEA, the facility was recognised at the 2023 Mining Indaba Conference for its community engagement and grievance management initiatives which resulted in the social acceptance of the company and the project.
According to the organisers, the award celebrates the dedication of Dynamic Mining SAS to increasing Guinea’s bauxite output without compromising the ability of the country’s future generations to meet their own needs.
Dynamic Mining SAS, which holds an exploitation permit and mining concession that gives it exclusive rights to exploit the mine and to construct, operate and maintain the project for 15 years, is expected to deploy the facility to develop surface mining operations to extract six million metric tonnes per annum (mtpa) of direct shipping ore bauxite by 2021 and 10 million mtpa three years thereafter. It is also expected to establish a bauxite processing plant, construct a 50-kilometre haul road and establish a port terminal for mineral exports.
Commenting on the award, Prof. Benedict Oramah, President and Chairman of the Board of Afreximbank, said: “Afreximbank is proud to contribute to such a crucial project for Guinea and the wider region. Our participation of US$40 million, as part of the US$80-million term loan, which was arranged together with our partners at AFC and BADEA, will facilitate the implementation of this critical project to support the beneficiation of natural resources and help increase Guinea’s status as the second largest bauxite producer in the world. We remain committed to playing a vital role in stimulating Africa’s economic growth and we look forward to supporting more such projects in the future.”
The facility is expected to support Guinea’s plan to become a net exporter of bauxite and aluminium, in addition to offering the country the opportunity to play a bigger role in supplying the needed resources for the production of aluminium metal.
It is also expected to help increase Guinea’s foreign exchange earnings. More than 1,000 jobs are projected to be created during the construction phase of the project, with an additional 500 being anticipated at the start of operations.
Distributed by APO Group on behalf of Afreximbank.
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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of September 2023, Afreximbank’s total assets and guarantees stood at over US$33.4 billion, and its shareholder funds amounted to US$5.8 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). The Bank is headquartered in Cairo, Egypt. For more information, visit: www.Afreximbank.com
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