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EghtesadOnline: Iran and Guinea-Conakry on Tuesday signed an agreement to renew their contract for production and transfer of bauxite to Iran.

Iranian Mines & Mining Industries Development & Renovation (IMIDRO) announced that Mehdi Karbasian, chairman of the board of IMIDRO and Abdoulaye Magassouba Conakry-Guinea Minister of Geology and Mines confirmed and approved the contract in Guinea. 

The two officials defined the terms of cooperation for cost reduction, implementation and financing the project, IRNA reported.

Feasibility study of the project was performed, analyzed and finalized for production and transfer of bauxite from Conakry-Guinea to southern coasts of Iran.

The mine has 300 million tons of reserves and it is considered one of the resources for supply of required raw materials for aluminum industry development in Iran.

Based on the project, annually 4 million tons of bauxite will be extracted and transferred to south of Iran for alumina powder production.

Both sides agreed on reduction of operation tax in Guinea bauxite mine by Conakry-Guinea in order to reduce the cost and to call for an international bid to extract and operate the mine.

Islamic Development Bank and Africa Development Bank will finance the project.

Karbasian and the ambassador to Guinea-Conakry Vahid Kiani were the special guests of the Guinean president Alpha Condé in a symposium held in Conakry on Tuesday. 

Iran-Guinea trade Iran bauxite