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Emirates Global nears financing deal for US$1.4B bauxite project

Emirates Global Aluminium's Guinea Alumina Corp. SA unit is nearing a financing deal of between US$700 million and US$750 million for its US$1.4 billion bauxite project in Guinea, Reuters reported March 11, citing CFO Danny Dweik.

"The project financing is ongoing, it is in the final stages," Dweik told the newswire. "We are hoping to close very soon."

The project is expected to produce about 12 million tonnes per annum of bauxite, with first shipments estimated in the second half. It would be the largest greenfield investment in the country in the last 40 years, according to Reuters.

In July 2018, the company inked a deal to supply bauxite from its Guinea project to Vedanta Ltd.

Meanwhile, Emirates Global said it is waiting for market conditions to improve to launch an IPO, which it targeted last year.