Shearman & Sterling represented Guinea Alumina Corporation (and its parent company, Emirates Global Aluminium, which is owned by Mubadala and DUBAL) in connection with the $1.6 billion development and financing of a bauxite mine in the Republic of Guinea. This is the largest project in West Africa since the 1970s and is a major milestone in financing for mining projects in developing countries.
The sophisticated financing structure included loans from IFC, AFDB, EDC, DEG and a range of commercial banks, covered by a MIGA insurance policy.
The project will create many thousands of jobs in Guinea and has a number of novel environmental sustainability aspects. Additionally, it is strategic for the UAE, as it will supply precursor feedstocks to the burgeoning aluminium industry in that country.
The Shearman & Sterling team below included consultants Anna Duncan and Richard Cardy.