UAE's EGA says wrongful termination of contract by Guinea will cost 2,000 jobs
The UAE industrial giant said that the termination of the contract between EGA subsidiary Guinea Alumina Corporation (GAC) with the Republic of Guinea, will 'regrettably impact employment in the Boké region in western Guinea' and that GAC is now proceeding with the necessary process to make significant redundancies.
Guinea terminates EGA's mining contract
GAC is the largest greenfield investor in Guinea's mining sector in over 40 years and has created 3,200 jobs, 96 per cent of which are held by Guinean citizens. The company has generated new economic opportunities and substantial revenues for the Republic of Guinea, while establishing lasting development partnerships with local communities.
In 2024 alone, GAC made approximately US$244 million of direct expenditures in Guinea.
In May of this year, Reuters reported that Guinea initiated the process to revoke EGA's mining license in the country following a dispute between the two parties over customs duties. In the Autumn of 2024, the government illegally blocked EGA and GAC's Guinean operations, suspending the export of GAC's bauxite and blocking its access to the rail on shared rail infrastructure. This led to the suspension of GAC's mining operations.
GAC and EGA stated that they will defend their rights before the competent international tribunals and seek redress for the losses they have suffered.
Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, commented: 'These actions have made the continuation of GAC's operations and the development of an alumina refinery impossible. The job losses this will cause, and the opportunity loss to the Guinean economy, are deeply regrettable.
'We have maintained GAC's employee workforce in difficult circumstances for as long as possible. Our focus has been to honour the economic and social commitment to our people, their families and to the Republic of Guinea.'
In addition, state-controlled Compagnie des Bauxites de Guinée suspended all deliveries of bauxite to EGA in the United Arab Emirates, forcing EGA to source bauxite from other countries.
GAC made considerable efforts and concessions to try to unlock its operations and enable the development of an alumina refinery in Guinea to proceed despite the major economic, technical and environmental challenges to completing such a project.
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