Guinea: the challenges of the Simandou mining megaproject [Business Africa]

 

After decades of discussions, negotiations and twists and turns, exploitation of the Simandou iron ore deposit was officially launched at the beginning of the month.

This large-scale project should allow Guinea to be among the main iron ore producing countries.

In order to know the benefits for the local population, Business Africa spoke with Guinean economist Abdoulaye Guirassy.

“The Simandou project favors the hiring of Guineans, especially for administrative positions. These jobs cover mining, mineral processing, rail maintenance, port operations, support services, etc.”, he explains.

Guinean subsidiary of mining giant Rio Tinto, Simfer is in charge of operating the southern part of the mining site while the Winning Consortium Simandou (WCS) group manages the northern part. “Simandou will expand Rio Tinto's global mining sector (...) Today the project mobilizes more than 25,000 people from different sectors (...) More than 80% of our workforce is made up of Guinean nationals”, indicates Safiatou Diallo, general director in charge of regional economic development and strategy of Rio Tinto Guinea, in an interview with Africanews.

Egyptian textile producers denounce unfair competition

While they recognize the benefit of attracting foreign investors, many Egyptian textile producers are calling for more regulation in the sector.

“Turkish investors have very high financial capabilities, but this is not our case. We have cheap labor and our currency is weak against the dollar, which makes our Egyptian products more attractive and our prices more attractive than those of China. But the country does not help us produce with better quality”, regrets Emad Kinan, owner of Sunglass Glass Manufacturing.

Nigeria renounces 15% tax on foreign oil

Nigeria has canceled its 15% tariffs on imported oil, a move initially intended to give local refineries room to expand and ultimately help stabilize fuel prices.

But experts warn that the challenges facing the country run much deeper and will require radical reforms.