Rio and Chinalco have decided to explore other options to realize value from the project.
Guinea Mining News
Mining companies are upending rural communities and undermining air and water quality while government authorities fail to rein in abuses.
Operations have resumed at AngloGold Ashanti's Siguiri gold mine in Guinea
Fitch Solutions Macro Research states that bauxite production growth will remain high over the coming years, as new projects come online in Australia, Indonesia expands exports, India’s production ramps up, and existing projects in Guinea drive growth.
Members of a local community near our Siguiri mine have been protesting the temporary rationing of power, which is an unfortunate necessity.
Rusal commissions bauxite mine at Dian Dian.
Guinea’s President Alpha Conde appointed a new 33-member cabinet in which Abdoulaye Magassouba was retained as mines and geology minister.
The company had already lost between one million to 1.2 million tonnes of scheduled bauxite production because of the strike.
Guinea is Africa's top bauxite producer and output more than doubled last year to about 50 million tonnes.
The information was made public by The Wall Street Journal, whose journalists had access to a procedural order.
Anti-government sentiment is set to further escalate in the run-up to the legislative election in September, and mining firms are likely to experience even more disruption as many blame them for the state’s failure to contribute to their wellbeing.
Under the deal, Newfield will lend Stellar $3 million to help it over its immediate short-term cash needs, while undertaking a right issue to raise A$30 million (roughly $23.6m) to re-finance the blended company.
As well as facing legal action, BSGR, which denies any wrong-doing, is suing financier George Soros for $10 billion in damages over lost contracts.
Miner posted a net loss of $984,928, compared to a $663,145 loss a year earlier, due to an increase in costs of developing its Tongo-Tonguma diamond project in eastern Sierra Leone.
Funding for the project has not been secure yet, though the miner is in talks with Newfield Resources over a possible offer.
Guinea has about a third of the world's bauxite reserves and expects to produce over 30 million tonnes in 2017. However, it has no facilities to transform those reserves into higher-grade alumina.
Alliance Mining Commodities will invest $670 million over the first five years of production at its mine in northwestern Guinea, Saadou Nimaga.
Deal allows the Stellar to focus on its bigger Tongo-Tonguma project in Sierra Leone, which would be the country's second largest diamond mine ever.
Stellar Diamonds plc, the London listed diamond development company focused on West Africa, announces that it has paid US$150,240 to the Sierra Leone Environmental Agency for the Tongo Environmental Licence.
The operation would be second biggest diamond mine in Sierra Leone.
Israeli diamond billionaire Beny Steinmetz, four others, in custody of Israeli police on suspicion of fraud, forgery, obstruction of justice and bribery.
The diamond miner decided to offload those units to focus on its Tongo-Tonguma project in Sierra Leone, which has the potential to generate earnings of $45 million a year.
"Suspected corruption in the conduct of business in the Republic of Guinea by the Rio Tinto group, its employees and others associated with it."
The company, which could lose the arbitration as a result, will have to pay the amount to former partner Vale.
Move comes barely seven months after Rio Tinto agreed to sell it its stake in Simandou for up to $1.3 billion.