Saturday, 03 November 2012 12:56
Posted by Parvez Jabri
DUBAI: Compagnie des Bauxites de Guinee (CBG) signed a long-term supply agreement with the United Arab Emirates for the main raw material in aluminium, the Gulf country's state news agency reported late on Friday.
"The agreement with Mubadala will make a significant contribution to Guinea's economy by enabling the expansion of CBG to more than 20 million metric tons of bauxite per year," Guinean Mines Minister Mohamed Lamine Fofana was quoted as saying by the Emirates News Agency.
The agency did not report the duration or value of the contract, which was concluded between CBG and the Emirates' investment fund Mubadala Development Co.
The Guinean company has an annual production of 13.5 million tonnes.
Fofana was also quoted as saying at a signing ceremony in Abu Dhabi that the new agreement would add $500 million to Guinea's gross domestic product.
In March Fofana said Guinea had started negotiations for Mubadala to take a stake in ...
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DUBAI: Compagnie des Bauxites de Guinee (CBG) signed a long-term supply agreement with the United Arab Emirates for the main raw material in aluminium, the Gulf country's state news agency reported late on Friday.
"The agreement with Mubadala will make a significant contribution to Guinea's economy by enabling the expansion of CBG to more than 20 million metric tons of bauxite per year," Guinean Mines Minister Mohamed Lamine Fofana was quoted as saying by the Emirates News Agency.
The agency did not report the duration or value of the contract, which was concluded between CBG and the Emirates' investment fund Mubadala Development Co.
The Guinean company has an annual production of 13.5 million tonnes.
Fofana was also quoted as saying at a signing ceremony in Abu Dhabi that the new agreement would add $500 million to Guinea's gross domestic product.
In March Fofana said Guinea had started negotiations for Mubadala to take a stake in ...
CAIRO: Egypt, the world's top wheat buyer, said on Tuesday it has not removed Ukraine from its list of potential wheat suppliers despite an upcoming export ban by the Black Sea country.
Nomani Nomani, vice chairman of the General Authority for Supply Commodities (GASC), the Egyptian state's main wheat-buying agency, said Ukraine's decision to stop wheat exports on Nov. 15 was not official because it had not been confirmed by the country's prime minister.
GASC did move ...
DAR ES SALAAM: Tanzania's arabica coffee prices fell at auction last week, weighed down by declining prices on markets in New York, traders said on Tuesday.
The state-run Tanzania Coffee Board (TCB) said 28,310 60-kg bags were offered at the latest sale, of which 24,291 bags were purchased.
At the previous sale 23,303 bags had been offered and 23,129 sold.
"The decline of arabica coffee prices in Tanzania last week is a direct reflection of the downward movement ...
HAMBURG: Iraq's state grains board has postponed an international tender to purchase a nominal 50,000 tonnes of wheat until next week because of the Eid-ul-Azha religious holiday, European traders said on Thursday.
The tender had closed on Sunday, Oct. 21, and offers had to remain valid until Wednesday, Oct. 24.
Copyright Reuters, 2012 ...
NAIROBI: The average price of top grade Kenyan tea dipped for the second consecutive week to $4.16 per kg at auction this week from $4.17 per kg last week, traders said on Wednesday.
The east African nation is the world's biggest exporter of black tea, and the crop is the largest foreign exchange earner, bringing in $1.27 billion last year.
Mombasa -based Africa Tea Brokers (ATB) said in a market report that Best Broken Pekoe Ones sold ...
JOHANNESBURG: The world's top platinum producer Anglo American on Friday announced $126 million in lost revenue due to a month-long illegal strike, as ratings agency S&P downgraded South Africa over the mining unrest.
Anglo American also declared a force majeure in its chrome deliveries as a result of the wildcat strike by thousands of its workers.
The strike "will adversely affect the company's delivery obligations regarding the supply of chrome ore and as a result force majeure ...
BAGHDAD: Iraq's Trade Ministry has made no purchase in a tender for at least 50,000 tonnes of wheat from any origin, a source at the trade ministry said on Monday.
The tender had closed on October 1 with offers having to stay valid until October 5.
The reason for the decision not to purchase was not immediately clear.
The lowest prices offered to Iraq in the latest tender were for Romanian wheat at $399.50 a tonne c&f free ...
