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PGS announced on 23 September that it had completed fast-track processing of 3D data from a multi-client survey offshore Guinea. The Ramform Atlas seismic survey vessel started operations in mid-February and acquired 3D seismic data over blocks A4 and A5. Time migration data will be ready in Q4 this year and will further enhance the imaging, PGS said.

Guinea
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The government has approved a deal for private US company High Power Exploration (HPX) to acquire the 95% interest in the Nimba iron ore deposit held by BHP, Newmont Goldcorp and French nuclear power group Orano (the former Areva).HPX is run by Canadian mining magnate Robert Friedland and former Rio Tinto head of exploration Eric Finlayson. Two directors of Friedland’s Ivanhoe Mines, former South African president Kgalema Motlanthe and Belgian financier Guy de Selliers, will become co-chairs of the HPX subsidiary that will hold the Nimba asset and join the board of Société des Mines de Fer de Guinée (SMFG), the Guinean company operating the project.

Guinea
Issue 399 - 13 September 2019

Guinea: USTDA grant for LNG project

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The US Trade and Development Agency has agreed a grant for West Africa LNG Group Guinea SA to fund a feasibility study for an LNG import terminal and distribution network near Kamsar port in the Boké region. The study will be conducted by the United States’ Plum Energy LLC and will assess the economic, financial and technical viability of the project. The aim is to supply LNG or natural gas initially to bauxite producers and an industrial park to serve the industrial, mining and agro-processing sectors.

Guinea
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As generators hum into action and power cuts intensify during the dry season, it seems hard to believe that providing electricity to the population in Conakry and other urban centres will be a major selling point when, as is widely expected, President Alpha Condé launches his campaign to win a third term in 2020. But the pace of recent generation and transmission projects supports the view of many Conakry residents that ‘power is coming’.

Guinea
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Following an agreement with Brazil’s Vale and controversial Israeli investor Beny Steinmetz’s BSG Resources to settle a long-running dispute over the Simandou iron ore resource, President Alpha Condé’s government believes it can launch iron ore exports and persuade a major investor to build the long-mooted Trans-Guinean Railway (TGR). Development of this ‘Southern Corridor’ for economic development and exports from Haute Guinée would provide a major boost in the lead-up to the 2020 elections, in which Condé is widely expected to seek a third term.

Guinea
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China’s TBEA has signed a concession agreement for the construction of a 300MW hydroelectric dam at Amaria on the Konkouré River to power a planned bauxite development. Work on the dam has started following earlier preliminary agreements for the scheme. The dam will provide power for a 30m t/yr bauxite mine and an aluminium smelter. President Alpha Condé formally launched the project in January 2018.

Guinea
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The Senegal River Basin Development Organisation (OMVS) signed a contract with Sinohydro on 26 February to develop the 294MW Koukoutamba hydroelectric project in northern Guinea. Sinohydro will build the $812m project, located in the department of Tougué, in the Labé region, on the Bafing River about 7.5km upstream of its confluence with the Senegal River, under an engineering, procurement and construction contract financed by the Export-Import Bank of China. Construction is expected to begin before the end of H1 2019, and take four years, according to project manager Bouya Condé.

Guinea
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Germany’s Man Energy Solutions announced on 20 February that it has started installing six 18V32/40 diesel engines at the 53MW Tè power plant in Conakry. Guinea’s first development finance institution project-financed independent power project, it is being built in collaboration with Turkish engineering, procurement and construction contractor Iltekno, on behalf of Tè Power Company, which is sponsored by Endeavor Energy as lead developer and majority owner.

Guinea
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Brahms Oil Refineries has appointed the Lagos-based Africa Finance Corporation (AFC) as financial adviser for the development of a petroleum refining and storage infrastructure project at Kamsar port. The project consists of petroleum storage and transportation infrastructure as part of a 12,000 b/d modular refining facility. Brahms Oil Refineries, based in the UAE, is part of Brahms Group SA, a Swiss-based investment management company focused on developing projects in West Africa.

Guinea
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An unusually short rainy season has sharply reduced power production from the Kaléta dam, obliging the authorities to increase their use of thermal energy. Electricité de Guinée (EDG), the state power company managed by France’s Veolia, obtains its grid power from a mix of hydroelectric dams (58% of installed capacity) and thermal power plants (42%), but production from hydro plants has been affected by a sharp decline in the length of the rainy season from six months in 2017 to about three months in 2018.

Guinea
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Amid a deteriorating political situation, President Alpha Condé’s government has been counting on a $20bn Chinese infrastructure investment-for-minerals package, linked to Simandou and other projects, to herald a better future ahead of elections in 2020. But Rio Tinto’s late October decision to lapse its 2016 agreement for Aluminium Corporation of China (Chinalco) to take over its stake in the Simandou iron ore project has underlined the challenges in implementing Conakry’s hoped-for minerals-financed infrastructure boom.

Guinea
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Guinea is seeking to attract badly needed development funds by emphasising to mining companies that any agreement on minerals concessions should include an infrastructure component. A delegation led by mines minister Abdoulaye Magassouba and minister for investment and public-private partnerships Gabriel Curtis visited London in early July for talks with potential investors.

Guinea
Issue 373 - 13 July 2018

Guinea: Vedanta signs bauxite deal

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Emirates Global Aluminium (EGA) and India’s Vedanta Limited signed an agreement on 4 July under which EGA will supply Vedanta from 2019 with bauxite from its mining project in the Boké region. First bauxite exports from EGA’s $1.4bn Guinea Alumina Corporation (GAC) project are expected in H2 2019. Once full ramp-up is achieved, GAC is expected to produce some 12m t/yr of bauxite.

Guinea
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The government on 30 June announced a 25% increase in the pump price of diesel and kerosene. The decision has been sharply criticised for lack of consultation, for its timing at 10pm on a Saturday during the football World Cup, and for its probable impact in a country where more than 57% of the population lives on less than $1/day. Fuel prices have risen sharply from GNF8,000/litre ($0.89) to GNF10,000, on the orders of President Alpha Condé.

Guinea
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Private equity investor Denham Capital on 27 March announced that Tè Power Company (TPC) had reached financial close for the $121m Tè project and begun construction of the 50MW greenfield thermal power plant in Conakry. Financial close of the project’s $89m debt financing took several months longer than expected, reflecting the complexities of launching Guinea’s first independent power project to be project financed by a development finance institution (DFI).

Guinea