March 11, 2019 / 11:29 AM / 3 months ago

Emirates Global Aluminium's Guinea unit to secure $700-$750 mln financing soon - CFO

ABU DHABI, March 11 (Reuters) - Emirates Global Aluminium unit Guinea Alumina Corp is close to securing $700 to $750 million in financing for a new bauxite project in the Republic of Guinea, EGA’s chief financial officer said on Monday.

CFO Danny Dweik told Reuters after the company announced its 2018 financials that the financing is for a $1.4 billion bauxite mining project EGA is developing through its wholly-owned subsidiary.

That would be the largest greenfield investment in the West African country in the last four decades.

“The project financing is ongoing, it is in the final stages,” Dweik said. “We are hoping to close very soon.”

EGA reported net income of 1.2 billion dirhams ($325 million) for 2018, down 64 percent from the previous year due to higher raw material prices, it said in a statement.

Revenues totalled 23.5 billion dirhams in 2018, up 14 percent over the previous year, driven by higher sales volume and higher benchmark price, it added.

EGA’s production touched 2.64 million tonnes of cast metal, exceeding 2.60 million tonnes in 2017.

The company still has plans to launch an initial public offering but is waiting for market conditions to improve, said Dweik.

EGA is owned equally by Abu Dhabi and Dubai investment funds. (Reporting By Stanley Carvalho; Editing by Jan Harvey)

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