Powerus In Partnership With Kindia For Bauxite Deal In Guinea

KUALA LUMPUR, Feb 29 (Bernama) -- Powerus Sdn Bhd, a partnership company between Malaysia and China, has signed a memorandum of understanding (MoU) with Kindia Resources Sarl (KR) for a bauxite mining deal in the Republic of Guinea, West Africa. In a statement here Monday, Powerus said KR, a company incorporated under the laws of Guinea, has appointed it as an exclusive mining operator for all bauxite concessions in Guinea. It said based on the MoU signed on Feb 26 here and witnessed by Malaysian Minister of International Trade and Industry Mustapa Mohamed, KR also desires to appoint Powerus to market and sell all bauxite extracted, pursuant to the said concession on an international level. Guinea holds nearly a third of the world's reserves of bauxite, a metal used to make aluminium, and currently produces around 18 million tonnes a year. The company has been given exclusive rights to an initial 600 sq km in an area located 90 km east of the Guinean capital, Conarky. Nearby mining in the same geology yields in excess of three million tonnes of bauxite per annum, represents a gross annual cash value of about US$150 million. -- BERNAMA