Join our daily newsletter At The Bell to receive exclusive market insights
- The leader of the coup in Guinea has sought to reassure economic partners that it’s “business as usual” in the West African nation
- On Sunday special forces soldiers took control of the presidential palace and arrested long-serving President Alpha Condé along with other politicians
- Guinea is one of the world’s largest producers of bauxite, an ore used to make aluminium
- The price of aluminium on the London Metals Exchange jumped on Monday, so too did shares in global aluminium producers
The leader of the coup in Guinea has sought to reassure economic partners that it’s “business as usual” in the West African nation, but the situation in the country and regional instability are causing concern.
On Sunday special forces soldiers took control of the presidential palace and arrested long-serving President Alpha Condé along with other politicians, and announced they were dissolving the constitution.
Guinea is the fourth country in Central and West Africa to fall foul to a coup d’état this year.
The military takeover has been condemned by the United Nations, the African Union and the Economic Community of West African States. Amnesty International’s West and Central Africa Director Samira Daoud has also joined the chorus, calling for the release of 83-year-old President Condé.
“Many political opponents and protesters were arrested before and after last October’s presidential election. All those arbitrarily detained must be released. Coup leaders must also clarify on which legal basis they are detaining President Alpha Condé.
“He must either be charged with a recognizable criminal offence or be immediately released.”
Coup-leader Mamady Doumbouya convened a meeting of officials at the parliament on Monday, telling other politicians they too are barred from leaving the country.
“The general secretaries of our different departments will ensure services continue until the establishment of the next government. I want to inform you that travel outside our borders is not authorized by the transition. All your travel documents and your service vehicles must be returned to your former departments’ secretariats.”
Doubouya also added the curfew had been lifted, and implored miners to continue operations.
“The Committee wants to reassure our economic and financial partners of the normal continuation of activities in the country. Mining companies are asked to continue their activities, the maritime borders will stay open for the export of mining products, the curfew in mining areas is lifted in order to continue producing.”
Guinea and bauxite
Guinea is one of the world’s largest producers of bauxite, an ore used to make aluminium. In 2020, the country produced more than 87 million tonnes of bauxite and exported more than 82 million tonnes.
Uncertainty over the situation in the country and the future of the operating mines and those under development pushed the price of aluminium on the London Metals Exchange to highs not seen since 2008.
Shares in global aluminium producers rose higher on Monday. Hong Kong-listed United Co RUSAL jumped just shy of 14 per cent to 6.93 HKD (A$9.33), and the Aluminium Corporation of China gained 5.5 per cent to 5.96 HKD (A$8.02) on the same exchange.
Similarly, in Australia — one of the world’s other major bauxite producing countries — ASX-listed South32 added 1.8 per cent to its share price in Monday’s session.
