The Guinean government approved Chinese firm TBEA Co., Ltd.'s plan to invest over US$2.8 billion in building a new bauxite mine, an aluminum refinery and an aluminum smelter in the country, Reuters wrote Dec. 29, citing Guinea's mines ministry.

Saadou Nimaga, secretary-general of the mines ministry, told the newswire that TBEA's planned mine should reach production by mid-2019, with an initial capacity of 10 million tonnes of bauxite per annum that will increase to 30 mtpa the following year.

Meanwhile, the 1 mtpa aluminum refinery is expected to be completed by June 2021. The construction of the smelter should begin around 2025 and TBEA plans to import a 75-megawatt thermal plant and construct a 300-MW hydroelectric dam for the installations.

According to the report, Guinea expects bauxite output to roughly double this year and a consortium, which includes Singapore's Winning Shipping, earlier this month announced plans to start building the country's first alumina refinery in 2019.