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China to loan Guinea $20 bln in exchange for minerals

Reuters
A ship carrying bauxite from Guinea is unloaded at a port in Yantai, Shandong province, China May 15, 2017. REUTERS/Stringer (Reuters)

CONAKRY (Reuters) - China agreed on Wednesday to loan Guinea $20 billion over almost 20 years in exchange for mineral concessions focused mainly on bauxite, an ore of aluminium which the West African country has in abundance, the mines minister said. The projects guaranteed by the loan included China Power Investment Corp's planned alumina refinery and Aluminium Corp of China's (Chalco) bauxite project, both in Boffa, northwest Guinea, Mines Minister Abdoulaye Magassouba told Reuters. (Reporting by Saliou Samb; Writing by Tim Cocks; Editing by Susan Fenton)