Chinese mining company makes presentations at Guinea's Mines Expo

The International Mineral Investment of the China Power Investment company (CPIIM) on Wednesday presented its mining capabilities at the Guinean Mining Exhibition opened here this week.


The company, which was founded in 2009 with its headquarters in Beijing, wants to partner with the Guinean political and mining authorities to develop a large-scale project of bauxite.


CPIIM says it aims to contribute to the promotion and development of Guinea's industrial and socio-economic sectors.


The mother company CPI valued at 67.3 billion U.S. dollars has an annual turnover of 19.3 billion dollars with six of its subsidiaries being listed at the stock exchange.


Guinea is the second largest producer of bauxite in the world with an annual output of 40 million tons.


The country's bauxite resources are estimated at 29 billion tons. At the current rate of mining, the country will continue producing bauxite for 16 centuries.


Besides bauxite, the country also has other minerals such as iron, diamond, gold, nickel, uranium, manganese and petroleum.


Currently, mining accounts for 80 percent of the country's exports and between 25 to 30 percent of the government revenue. The sector also accounts for 20 percent of the country's GDP.
(Source:http://news.xinhuanet.com)