Anglo-Swiss commodity trading and mining giant Glencore has signed a five-year offtake and pre-financing agreement with Guinea's state-owned Nimba Mining Company (NMC), reinforcing the strong global appetite for the West African nation's bauxite and broader mineral resources. The deal comes amid rising international demand for aluminum, driven primarily by growth across the automotive, packaging, and solar energy sectors. Under the terms of the agreement, Glencore will provide $300 million in upfront financing to support NMC's operations. In return, NMC will supply Glencore with 10 to 12 million tons of bauxite annually over a five-year period, representing a total volume of 50 to 60 million tons. The agreement reflects a broader surge in capital inflows into Guinea's mining and infrastructure sectors.
Related Articles
Don't miss out on breaking stories and in-depth articles.