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Guinea-Conakry’s President Alpha Conde officially opens Bel Air Mine

alufer.jpg More than one million tonnes shipped to date since construction completed in August 2018

Lagos, 11 December 2018: Africa Finance Corporation (“AFC” or “the Corporation”), the leading infrastructure development finance institution in Africa, is pleased to announce the official opening of the Bel Air mine in Guinea-Conakry, a high-grade bauxite mine.
The official opening was attended by His Excellency, Alpha Conde, President of Guinea-Conakry, Abdoulaye Magassouba, Minister of Mines, Members of Parliament, Ambassadors from the United Kingdom and United States as well as local dignitaries.
To date, more than a million tonnes of high-grade bauxite ore have been exported from the project, following completion and first shipment to China in August 2018. Alufer Mining Limited, which operates Bel Air, intends to reach a production capacity of 5.5 million tonnes per year, significantly adding to the country’s existing exports of c.35 million tonnes of bauxite.
Samaila Zubairu, President & CEO of Africa Finance Corporation commented on the announcement: “Bauxite is a major commodity for Guinea-Conakry. Currently, exports of the mineral account for approximately 32% of all exports and is therefore a major factor in the country’s economic growth and job creation.
“As an investor in the project, we are delighted to report the Bel Air mine was delivered on time and on budget, a commendable testament to the capacity and commitment of both the management of Alufer, as well as the local community who have shown strong support to this project.”
Bernie Pryor, CEO of Alufer Mining also commented, “We were delighted to host the President, Government and local officials on site to formally mark the opening of the mine and also appreciate the progress we have made at Bel Air.
“We are very pleased to have successfully ramped up the project in such a short timeframe and look forward to reaching steady state production in the near future. Our ability to achieve this is indicative of our robust construction and engineering plans and I would like to thank our team and contractors involved with this project for all their hard work to date.”
About AFC -
AFC, an investment grade multilateral finance institution, was established in 2007 with an equity capital base of US$1 billion, to be the catalyst for private sector-led infrastructure investment across Africa.  With a current balance sheet size of approximately US$4.2 billion, AFC is the second highest investment grade rated multilateral financial institution in Africa with an A3/P2 (Stable outlook) rating from Moody’s Investors Service. AFC successfully raised US$750 million in 2015 and US$500 million in 2017; out of its Board-approved US$3 Billion Global Medium-Term Note (MTN) Programme. Both Eurobond issues were oversubscribed and attracted investors from Asia, Europe and the USA. 

AFC’s investment approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.  AFC invests in high quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. To date, the Corporation has invested approximately US$4 billion in projects within 28 countries across North, East, West and Southern Africa.
Guinea is Africa’s largest producer of bauxite and third largest globally after Australia and China. Guinea, which sits on the largest volume of reserves in the world, exported 35 million tonnes of bauxite in 2017.
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