It’s a paradox: Guinea is resource-rich, yet one of the world’s poorest countries. It has nearly a third of the world’s bauxite—the primary ore in aluminum—but poor governance and weak infrastructure have long stalled development of its mining industry.
IFC’s new $200 million investment in the Sangarédi bauxite mine—the fifth largest in the world—helps Guinea do more to meet its potential. Our financing of sponsor Compagnie des Bauxites de Guinée (CBG), the country’s largest private enterprise, helps expand the mine and upgrade its processing plant and transport infrastructure, including a port and rail line. We are also working to ensure the project is developed in line with international bestpractice environmental and social standards.
It’s part of the largest foreign investment Guinea has seen in years. And it helps Guinea build a viable, fair, and transparent industry, paving the way for longer-term inclusive growth.
IFC works with the World Bank to enhance transparency and improve management of the mining sector around the world, helping to ensure that mining projects align with international best practices of environmental and social sustainability.