Guinea controls the rights of the UAE's "Boxett" unit

Guinea has transferred franchise rights to the exploitation of Bokets of a local unit owned by ‘Emirates International Aluminum’ to a new company in the state. This comes after the ruling military authorities canceled the basic agreement that the company “Guinea Alumina Corp” from “Emirates International Aluminum”, last July, last July, canceled last July. The government has suspended the export of the company’s Boxett since October because it does not fulfill its commitment to building an aluminum refinery. Minister of Mining and Guinese Geology, Bona Sila, said in a telephone call that the company loses mining rights due to the lack of compliance with the Mining Act and the signed agreements, which were initially set in 2022 as the date to complete the construction of the refinery, before it was expanded to September 30, 2026. In ‘NE post statement,’ Emirates International Aluminum ‘Company said it’ strongly condemned ‘that Guinea made, and described the move as’ real seizure’ of the company’s investments in the country, and ‘blatant violation’ of contractual and legal rights of Guinee -Corporation. “Guinea expressed its willingness to violate the basic legal principles at the expense of investor confidence, transparency of management and long -term national interest,” according to the company’s statement. Control over mining assets, West African countries rich in minerals, especially those led by military systems, taking measures aimed at increasing their part of joint projects and improving their control over mining assets. Last June, the military council, led by the military council, transferred control over one of the largest gold mines in Africa, occupied by the Canadian Parrick Mining Corp. on a six -month government administration, after not reaching a solution for late tax and the application of a new mining law. In the same month, the military government in Niger took control of the Urano SA, the company, and accused the company of obtaining quantities of uranium exceeding its share, and indicated the possibility of selling the mine. Guinea is the largest producer of Boxett in the world, the raw material that transforms refinement into alumina and then melted into aluminum production. According to a decision that was broadcast on radio and official Guinese television on Monday night, the company will have “Nima” for 25 years, renewable, and the company will ensure that the necessary financing for the continuation of operations exists naturally without interruption. Production on the site of the unit of “Emirates International Aluminum” in northwestern Guinea started in 2019, after about two years of the scheduled date. According to the Ministry of Mining, Boxett’s exports of the mine dropped to 10.8 million tonnes, compared to 14 million in the previous year.