The deal comes after a trip by the Guinean mines minister, Abdoulaye Magassouba, to China and follows other major Chinese investments in the resource-rich West African nation.
BAUXITE Mining News
The news around China’s pollution crackdown spiked investors concerns
Moratorium aims to restrict illegal mining activity on private land and companies that ignore mining guidelines, resulting in environmental pollution.
The funds from Beijing would contribute towards building 1,400 km of a planned 4,000 km railway network, which would connect bauxite mines and production sites.
Mining will commence in July at the Urquhart bauxite project in far north Queensland.
The Indonesian unit is now in the process of obtaining a full export permit.
The firm has not been able to ship copper from the mine in over a month due to a ban on concentrate exports that kicked in on January 12.
Miner says that each month of delay in obtaining approval to export means production would be reduced by 70 million pounds of copper and 70,000 ounces of gold.
Government is considering to extend the miner a temporary permit, valid for up to six months, which would pave the way for Freeport to resume exports from Grasberg.
"The run-up in base metal prices, particularly after the US Presidential election, may be getting ahead of fundamentals."
Far-reaching new mining rules ease a controversial ban on exports of nickel ore and bauxite.
Villagers evacuated before tailings dam burst at aluminum refinery in Henan province destroyed nearby town.
"The global economy seems stuck in a subdued low-productivity growth pattern," says world's number two miner after reporting lowest earnings in 12 years.
Bauxite miners ride the wave as China steps up aluminum production.
Hydro and Brazilian mining company Vale has ended negotiations on the possible acquisition of Vale's 40 % interest in Brazilian bauxite producer Mineracao Rio do Norte (MRN).
The issuing of export permits, however, will resume as soon as existing stockpiles shrink.
The country, the biggest supplier of bauxite to China, said the ban takes takes effect from Jan. 15.
Malaysia is pushing to suspend bauxite mining due to concerns about its impact on the environment, a cabinet source said on Saturday, threatening to interrupt supplies of the aluminium-making material to China.
The Amrun mine is expected to open in 2019 and initially produce 22.8 million metric tons of bauxite a yera.
Stanford discovery of an ultrafast, flexible, rechargeable aluminium-graphite ion battery could open up major new demand for graphite, bauxite miners.
China’s Shandong Xinfa Aluminum & Electricity Group is in talks with Guinea to invest $14 billion in a bauxite project abandoned by BHP Billiton said a government official with knowledge of the matter.
Trend of mine production moving to emerging economies will continue.
It's a trend already established in China where only 25% of insulated and overhead cables use copper versus 60% in developed economies.
In light of the Indonesian mineral ore ban that came into force on January 12th 2014, Wood Mackenzie says the aluminium industry - particularly in China - faces a challenge to address a growing shortage of the raw material bauxite, an aluminium ore.
Orbite Aluminae crashed 36% in massive volumes on Wednesday without any fresh news that could have prompted the sell-off in the alumina and rare earth technology company.