Bauxite is the ore from which aluminium is derived. The Republic of Guinea in West Africa is the world's largest bauxite resource holder, with more than a quarter of the known global endowment of this important mineral for modern life.
Emirates Global Aluminium's Guinea Alumina Corporation is our first bauxite mining project and one of the largest greenfield investments in Guinea the last 40 years. It creates a new revenue stream for us, indirectly secures resources need by the United Arab Emirates' aluminium industry, and creates economic opportunity and employment in Guinea.
Our investment in the project was some $1.4 billion.
The project is expected to make a direct, indirect and induced contribution of some $700 million to Guinea's economy each year, boosting the country's Gross Domestic Product by 5.5 per cent.
A second phase of the GAC project envisages construction of an alumina refinery in Guinea, delivering further value for the nation.
Watch the below film to learn more about GAC project.
GAC's peak construction workforce was 4,635. Construction of the project took 30.3 million hours of work, the equivalent of one person working for more than 17,000 years and one-and-a-half times the number of working hours is took to build Burj Khalifa in Dubai.
85% of the peak construction workforce was Guineans, 67% were from the Boké region, and 17% were from communities neighbouring the project
The rate of recordable safety incidents was less than one-third of global mining benchmarks and construction was completed with zero fatalities.
More than half of all construction contracts by number were awarded to Guinean companies. The total value of these contracts was $112 million.
Bauxite from the GAC project will be shipped to alumina refineries around the world using Capesize vessels, the largest bulk cargo ships afloat.
Some 400 GAC staff and 600 contractors operate the GAC project. GAC spent has invested more than $1.3 million on GAC Skills, a programme to develop Guineans for permanent roles in the organisation.
GAC has invested $14 million so far in social and environmental projects in neighbouring communities. This includes building 12 schools and eight health centres, as well as projects focused on employability, food security and health awareness.
The GAC project was funded by us and it was the largest greenfield mining project financing ever in Guinea, extended by development finance institutions, export credit agencies and international commercial banks.
Al Taweelah alumina refinery and our bauxite mining project in the Republic of Guinea expand our business upstream in the aluminium chain, transforming us into an integrated company delivering value from mine to metal.
Bauxite is the ore from which aluminium is derived. Bauxite ore is refined into alumina, a white powder which is the feedstock for aluminium smelters. Smelting produces liquid aluminium, which is cast into the wide range of primary aluminium products which we supply to our customers, semi-fabricators that are part of the supply chains of end user industries from aerospace to construction.