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Global Alumina envisions itself as a catalyst in Guinea’s effort to attract the aluminum industry’s investment over the coming decades in world-class, mega-refinery projects, including Guinea Alumina’s fully expanded refinery with a potential annual production capacity of 3.95 million metric tons through its life with the ability to accommodate a third processing line, which if built, would increase the refinery’s total nominal capacity to over 5.4 million metric tons.
Guinea Alumina’s investment of over $5 billion will represent the largest single private investment in sub-Saharan Africa to date. In addition to the investment, this first refinery project is expected to create over 10,000 construction jobs and 1,500 permanent mining and refinery operations’ jobs. Including an estimated three-to-five indirect jobs for each direct job created, the project’s employment impact on the Guinean economy is estimated to be more than $300 million over the construction period and $30 million per year for the life of the refinery. Guinea Alumina also expects direct local procurement in excess of $100 million during the construction period.
Guinea Alumina will pay the Government of Guinea annual bauxite royalties of approximately $9 million. The company will make fixed annual payments in lieu of income taxes for the first fifteen years of operations of $5 million for the first five years, $8 million for the next five years and $12.5 million for the last five of fifteen years and then revert to the statutory income tax rate, currently 35 percent. In addition, Guinea Alumina has agreed to pay annual local community development taxes of $500,000 per year for the first fifteen years and $1 million thereafter.
Guinea Alumina is investing heavily in employee and affected peoples’ housing, education, health and social facilities and programs to stimulate sustainable community and incidental commercial development, including provision of electricity and water.