One of the world's largest aluminum producers, Aluminum Corporation of China (Chalco), will invest $1 billion in an alumina refinery in Guinea, the company said.
The plant has a capacity of 1.2 million tons per year.
The investment in the Guinea refinery will allow Chalco to increase its bauxite exports, the company said, without elaborating.
Guinea has increased bauxite exports by 25.3% in the first quarter compared with the same period last year, to 60.9 million tons, according to the Ministry of Mines. In particular, Chalco exported 8 million tons, which is 35% higher than last year.
The price of Chalco securities rose 2.5% in Hong Kong on Friday. The company's market value has decreased by 11% since the beginning of this year, while the Hang Seng stock index has remained virtually unchanged.
