The Chief Finance Officer of Emirates Global Aluminium (EGA) said that the financing is for a $1.4 billion bauxite mining project the firm is developing through its wholly-owned subsidiary.
Tuesday 12, March 2019 BY KUDAKWASHE MUZORIWA
UAE-based EGA’s unit, Guinea Alumina Corporation is expecting to secure around $750 million in financing for a new bauxite project in the Republic of Guinea.
Danny Dweik, the CFO of EGA, said that the project financing is ongoing, it is in the final stages and EGA is hoping to close very soon.
In a statement, EGA stated that it recorded a net income of AED 1.2 billion ($325 million) for 2018, a 64 per cent decrease compared to the previous year due to higher raw material prices.
Dweik also said that the company still has plans to launch an initial public offering (IPO) but is waiting for market conditions to improve, reported Reuters.