A subsidiary of the Monaco Resources Group has signed a deal with Conakry to control all barges carrying bauxite on the Fatala River, africaintelligence.com reports.

Société de gestion fluviale (SGF) is about to start construction of a navigation control centre near to the Guinean town of Boffa at the point where the Fatala River meets the Rio Pongo. The new facility will be used to control all river traffic transporting bauxite.

Bauxite shipments are due to start in March 2020 when Chinese group Chalco (Aluminium Corp of China) is scheduled to begin production on its Boffa mine, and start exports along the river. Russian firm Eurasian Resources and India’s Axis Minerals Resources, which both own port concessions on the river, also hope to start extraction of bauxite soon, according to africaintelligence.com.

The contract SGF signed with Agence nationale d’aménagement des infrastructures minières (Anaim) for the project is yet another Guinean assignment for the firm’s parent company Monaco Resources. This Monaco-based firm also controls Société des bauxites de Guinée, which has been developing the Garifiri bauxite project for several years but has not yet entered production, as well as R-Logistic. SGF is a subsidiary of R-Logistic, which was recently chosen to build the iron ore port at Konta. Monaco Resources finances most of these projects on European bond markets.

According to the Monaco Resources Group website: “Monaco Resources is a global group specialising in natural resources. Our asset base is well diversified and spans Metals and Minerals, Agribusiness, Energy, Logistics & Technology and Finance and Investments.

“The group brings together businesses with decades of experience covering production, trading and services. Our deep knowledge and long term outlook enables us to effectively meet the needs of our international clients. Headquartered in the Principality of Monaco, the group operates in over 35 countries and employs more than two thousand people.”

At the end of June, Monaco Resources Group launched its first retail bond on the LSE’s Order Book for Retail Bonds (ORB) offering an eye catching coupon of seven percent until maturity on 2023, retailbondexpert.com reported earlier this year.

Monaco Resources Group is owned by a holding company in Cyprus, Cycorp First Investment.

PHOTO: Conakry, the port city and capital of Guinea