Guinea has taken control of their deposits, which were developed by the Rusal
Guinea fully controls the bauxite-alumina complex “Fria”, owned by Rusal, and probably will seek a new partner for the project, said to Bloomberg adviser to President of this country Momo Satskaya.
According to him, Russia’s companies have 10 days to appeal the court’s decision, which invalidated the act of transferring ownership to “Rusal” shares of complex “Fria” from 2006.
Commenting the statement of the Guinean civil servant, “Rusal said that they still owns a bauxite-alumina complex” Fria ” and fully controlled it. “We are the rightful owners of the assets acquired in full conformity with Guinean laws. No decision of the court, we still have not received. We intend to use all available legal tools, including international arbitration, to protect our rights as lawful owners of the asset,” - said company.
In Rusal recalled that the privatization agreement gives the company the right to go to arbitration in France.
On Friday, Foreign Ministry said that Moscow is not interfering in the relationship between the Guinean authorities with economic partners, including Russia’s RUSAL, will closely monitor the situation from the standpoint of ensuring the legitimate rights of Russia’s investor.
The ministry stated that “the Guinean side brings to the company’s Russia various claims for” inadequate “in its opinion, the price at which you purchased this company, as well as the size of tax payments and breaches of environmental security from the company.
Foreign Ministry hopes that the Guinean authorities, aware of the possible consequences of such actions for both the general climate traditionally constructive Russo-Guinean relations, and for socio-economic situation in their own country.
According to the new Government of Guinea, the state had received as a result of privatization of the enterprise is less than its real value was. M. Kamara said earlier that Rusal paid for the plant $ 19 million, although the company was rated unnamed consultants at $ 257 million
September 10 Court of First Instance of Conakry, the Guinean town has decided to invalidate the act of transfer of ownership Rusal shares Thriae.”
M. Kamara came to power in late December last year. The new government announced that it intends to revise disadvantageous for the country’s agreement to develop mineral deposits.
Rusal, which is the world’s largest aluminum producer, owns the country’s bauxite and alumina complex ACG / Friguia (located in Fria, a total investment of the company in this project, which includes the purchase of the complex and its modernization, made $ 300 million; capacity bauxite account for 1.9 million tons per year) and manages the mining complex “Kindia Bauxite Company.
In Guinea, a former French colony in West Africa, lives 9.4 million people, per capita income is about $ 400 a year. On the supply abroad bauxite accounts for 80% of export earnings of the country. In 2007, Guinea was produced 14 million tons of bauxite, informs “Interfax”