Guinea to get $20 bln from China, to pay with minerals

China is to provide Guinea with a loan of $20 billion with an agreement reached on Wednesday.

The deal will last for a period of 20 years with the West African nation paying back with mineral concessions focused mainly on bauxite and an ore of aluminium.

Guinea has these minerals in abundance.

Guinea’s mines minister Abdoulaye Magassouba told Reuters said that the projects guaranteed by the loan include China Power Investment Corp’s planned alumina refinery and Aluminium Corp of China’s (Chalco).

The rest are bauxite project, both in Boffa, northwest Guinea.


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