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Guinea and EGA reach agreement to avoid arbitration and advance bauxite purchase negotiations
Guinea has reached a settlement agreement with Emirates Global Aluminium (EGA) over the takeover of its subsidiary Guinea Alumina Corporation (GAC) in October last year, avoiding international arbitration. The assets of GAC have been transferred to state-owned Nimba Mining, and Guinea plans to compensate EGA through a long-term bauxite supply + future quantity prepayment model. The agreement is still being finalized, with some technical details pending completion; Nimba Mining is currently negotiating related off-take arrangements with several major traders. (Aladdin)