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Guinean lawmakers greenlight Chinese firm's US$2.9B bauxite mine, port projects

Guinean lawmakers approved a previously announced US$2.9 billion deal with Chinese company TBEA Co. Ltd. for the development of a bauxite-alumina project in the country, Bloomberg News reported May 15.

The project is expected to generate US$406 million in annual revenues for Guinea, said Dian Bailo Diallo, a spokesperson for parliament's mines and industry commission.

The project, which was first approved by the government in December 2017, will see construction of a bauxite mine, an aluminum refinery, a port, railroad and power plant.

TBEA's planned mine is targeted to start bauxite production by mid-2019, while the aluminum refinery is expected to be completed by June 2021. The company will also build an aluminum foundry within seven years, the government added.