Guinean Coup Spikes Aluminum Prices, But Miners Told to Keep Mining

A military coup in Guinea briefly threatened one of the world's leading suppliers of aluminum, causing prices to spike. Its price hit the highest level in a decade on Monday, reaching $2,776 per tonne on the London Metal Exchange.

Precious Metals - 07 Sept 2021

Gold US $1,819/oz
Silver US $24.57/oz
Platinum US $1,020/oz
Palladium US $2,409/oz

*prices before market open Sept. 07, 2021

Base Metals - 07 Sept 2021

Copper US $9,379/t
Aluminum US $2,766/t
Nickel US $19,475/t
Zinc US $3,011/t
Lead US $2,266/t
Tin US $32,690/t

43-101 Geography

In the past two weeks, there have been several projects with technical reports all over the world. The Prospector Portal Map allows you to see all the projects in the world for this week.

Click here to view a map of all the world's technical reports.


What's News This Week?

Guinean Coup Spikes Aluminum Prices, But Miners Told to Keep Mining

A military coup in Guinea briefly threatened one of the world's leading suppliers of aluminum, causing prices to spike. Its price hit the highest level in a decade on Monday, reaching $2,776 per tonne on the London Metal Exchange.

Guinean Lieutenant-Colonel Mamady Doumbouya of the country’s Special Forces Group led an elite cadre of soldiers to seize control of Guinea, and its vast resources of metals, pushing aluminum prices higher

According to one report from Al Jazeera, the revolt was sparked by the dismissal of a senior commander in the country’s special forces, provoking loyal soldiers to rebel. 

However, the country has been experiencing protests and revolts against the former president’s third term, secured through a reform to the country's constitution.

On the state broadcaster, Radio Télévision Guinéenne (RTG), a group of soldiers announced on Sunday that regional governors had been replaced by military commanders, and the 83-year-old former president Alpha Conde was safe but in detention.

"The president is with us, he's in a safe place," Doumbouya said in the broadcast on Sunday.

According to Doumbouya, the 41-year-old former French legionary, the army had few options because of corruption, disregard for human rights, and economic mismanagement under Condé.

Doumbouya said in the public broadcast: “We are no longer going to entrust politics to one man, we are going to entrust politics to the people.”

The junta is calling itself the National Committee for Reorientation and Development and told members of the freshly deposed administration in a meeting in the capital Conakry that its planned government “will be set up to lead the transition” to civilian rule. 

After an announcement of a nationwide curfew, Mamady said that ports in the world’s second-largest bauxite producer would remain open and the curfew in mining areas had been lifted “to ensure continuity of production”. 

Guinea supplies a quarter of the world’s bauxite, mostly to China and Russia as the main ingredient in aluminum refining. 

In an article from Australia’s Financial Review, bauxite industry expert Alan Clark of the CM Group said his communication with people on the ground in Guinea combined with vessel-tracking data had convinced him that Guinea’s bauxite industry had not been significantly disrupted by the coup so far.

“We track all bauxite vessels into and out of Guinea and from what we can ascertain it is business as usual, although it is the wet season right now so there is less activity generally,” he said.

“We can see the bauxite industry in Guinea is still moving. They are barging and transhipping, we can see barges moving, we can see trans-shippers operating and we can see bulk vessels coming into and out of the region.”

Guinea has some of the world’s best bauxite and iron ore deposits. It generates most of its revenues from mining exports, which have helped power the economy to more than 6% growth annually over the past five years. 

Russia’s Rusal and U.S.-based Alcoa (NYSE: AA) are big investors in Guinean bauxite, while Anglo-Australian mining group Rio Tinto (LSE: RIO), Chinalco, and the China-backed consortium SMB Winning own parts of Simandou, one of the world’s largest and high-grade iron ore deposits, in south-eastern Guinea.

Guinea accounts for about 22% of the world's production, producing 82 million tonnes of bauxite in 2020, according to the U.S. Geological Survey. Guinea is home to the world's largest reserves of bauxite with 7.4 billion tonnes.

Guinea also hosts some of the world's largest reserves of iron ore but years of legal wrangling and alleged corruption over the largest project Simandou, have left the minerals in the ground after many stalled efforts to advance the project. 

Simandou holds more than two billion tonnes of high-grade ore, the largest known deposit of its kind. Iron ore is used to make steel.

In addition to bauxite and iron ore, Guinea produced about 56.9 tonnes of gold in 2020, according to the World Gold Council, and is the seventh-largest miner of the precious metal in Africa.

Former Severstal company Nordgold operates one gold mine in Guinea. Its Lefa mine, located 700 kilometers northeast of Conakry, accounted for 17% of Nordgold's total production in 2020. AngloGold Ashanti (J: ANGJ) also has a presence in Guinea with its Siguiri gold mine, where it produced 214,000 ounces in 2020. 

A Reuters article quoting Guinea bauxite industry specialist Bob Adam revealed that the coup would have little impact on Guinea’s metals reaching global markets and insight into Colonel Mamady’s decision to lift curfews for mining regions.  

"It is highly unlikely that the coup will have any major short-term impact on exports, which are always at the lowest part of the cycle in September with stockpiles depleted as the rainy season comes to an end...Any incoming government will want to make sure that it doesn't jeopardize future earnings and investment."

The timing of the coup fits a convenient season for a country that accounts for 35% of its GDP from mining.


Coleman OTR_Email Banner

Get Your Free 14-Day Trial of Prospector

New Technical Reports on Prospector Portal


Screen Shot 2021-09-03 at 11.39.42 AM

Metates Sulphide Heap Leach Project Phase 1

M3-PN210035 Effective Date: August 30, 2021 Revision 1 Metates Sulphide Heap Leach Project Phase 1 NI 43-101 Technical Report Preliminary Economic Assessment Durango, Mexico Prepared For: Qualified Persons: Justin M. Black, PE Art S. Ibrado, PhD, PE Michael G. Hester, FAusIMM Richard K. Zimmerman, MSc, RG, SME-RM M ETATES S ULPHIDE H EAP L EACH P ROJECT - P HASE 1 F ORM 43-101F1 T ECHNICAL R EPORT DATE AND SIGNATURES PAGE The effective date of this report is 30

Screen Shot 2021-09-03 at 11.40.05 AM

Thane Copper-Gold Project

TECHNICAL REPORT ON THE THANE COPPER-GOLD PROJECT Omineca Mining Division British Columbia, Canada Centred at Approximately Latitude: 56° 08’N Longitude: 125° 50’W NAD83 UTM Zone 10 North: 323930E, 6224540N NTS Mapsheets: 094C03, 094C04 Report Prepared For: INTERRA COPPER CORP. Suite 2200, 885 West Georgia Street, Vancouver, BC V6C 3E8, Canada V6C 2G8 Report Prepared By: THEODORE W.

Screen Shot 2021-09-03 at 11.40.30 AM

Big Red Property

TECHNICAL REPORT ON THE BIG RED PROPERTY BRITISH COLUMBIA, CANADA prepared for Libero Copper & Gold Corporation Big Red Property, British Columbia, Canada Effective Date: June 27, 2021 Report Date: August 27, 2021 Christopher Hughes, P.Geo. & Henry Awmack, P.Eng. Equity Exploration Consultants Ltd. ii Report Control Form Document Title Technical Report on the Big Red Property, British Columbia Client Name & Address Libero Copper & Gold Suite 905-1111 West Hastings St.

Screen Shot 2021-09-03 at 11.41.40 AM

Ollachea Gold Project

Ollachea Gold Project – NI 43-101 Technical Report (Preliminary Economic Assessment) Puno Region, Peru Qualified Persons: Edgard Vilela (QP) MAusIMM CP(Min) David Seers (QP) MAusIMM CP(Geo) Dr. Andrew Fowler (QP) MAusIMM CP(Geo) Doug Corley (QP) MAIG, R.P. Geo(Mining) Dr. John Thomas (QP) P.Eng. Donald Hickson (QP) P.Eng. Effective Date: August 27th, 2021 Report Date: August 27th, 2021 Ollachea Gold Project – NI 43-101 Technical Report Ollachea Gold Project – NI 43-101 Technical Report No.

Screen Shot 2021-09-03 at 11.42.02 AM

Little Deer Complex Copper Deposits


Screen Shot 2021-09-03 at 11.42.28 AM

Rajapalot Property

Mineral Resource Estimate NI 43-101 Technical Report — Rajapalot Property Mawson Gold Limited Location: Ylitornio — Rovaniemi, Finland In accordance with the requirements of National Instrument 43-101 “Standards of Disclosure for Mineral Projects” of the Canadian Securities Administrators Qualified Persons Eemeli Rantala, AFRY – P.Geo Ville-Matti Seppä, AFRY – Eur.Geol Craig Brown, Mining Associates Pty Ltd – FAusIMM AFRY Project Number: 101015822-001 Effective Date August 26, 2021 Mineral Resource Estimate NI 43-101 Technical Report, Rajapalot Property, Finland for Mawson Gold

Screen Shot 2021-09-03 at 11.42.53 AM

Excelsior Springs Property

Technical Report for the Excelsior Springs Property Esmeralda County, Nevada, U.S.A. Prepared for Athena Gold Corporation Dated Effective: July 21, 2021 By Matthew R. Dumala, P.Eng., Archer, Cathro & Associates (1981) Limited; and, Donald G. Strachan, MSc, CPG, Consulting Geologist. LC312432-1 LC312432-1 TABLE OF CONTENTS Table of Contents ………………………………………………………………………… iv 1.0 SUMMARY …………………………………………………………………….

Screen Shot 2021-09-03 at 11.43.18 AM

Sakami Property

Form 43-101F1 Technical Report Effective Date: May 31, 2021 The Sakami Property, La Grande Subprovince, James Bay Territory, Quebec, NTS 33F07,08,09,10 GENIUS METALS INC. Camp Sakami on the banks of Lake Sakami, James Bay Territory, Quebec. Merouane Rachidi, PhD., P. géo. August 25, 2021 31, II August 25, 2021 August 25, 2021 May 31, 2021 25 of August 31, III DATE AND SIGNATURE TABLE OF CONTENTS ITEM 1 SUMMARY ITEM 2 INTRODUCTION AND TERMS OF REFERENCE ITEM 3 RELIANCE ON

Screen Shot 2021-09-03 at 11.43.42 AM

Bullfrog Gold Project

NI 43-101 Technical Report Mineral Resource Estimate Bullfrog Gold Project Nye County, Nevada EFFECTIVE DATE: June 21, 2021 ISSUE DATE: August 25, 2021 PREPARED FOR: Augusta Gold Corp. Vancouver, BC BY QUALIFIED PERSONS: Patrick Garretson, SME RM Director, Mining and Resources Forte Dynamics, Inc. 120 Commerce Drive. #3 Fort Collins, CO 80524 Adam House, MMSA QP Director of Processing Forte Dynamics, Inc.

Screen Shot 2021-09-03 at 11.44.03 AM

Twin Hills Gold Project

Twin Hills Gold Project, Namibia Preliminary Economic Assessment National Instrument 43-101 Technical Report Prepared for Osino Resources Corp. 6683-GREP-001 Report Date: August 25, 2021 Effective Date: July 14, 2021 Qualified Persons: Anton Geldenhuys, MEng, MGSSA, PrSciNat Grahame Hetherington, BEng, MAusIMM Jessica Bezuidenhout, BSc, EAPAN Werner Moeller, BEng, MSAIMM, MAusIMM, MCIM Arnold Bittner, Geologist (MSc equiv) Paul-Johan Aucamp, MSc, PrSciNat Glenn Bezuidenhout, Nat Dip, (Ex Met), FSAIMM Peter Theron, Pr.Eng (ECSA), MSAIMM Robert Sinclair, FIChemE / Chemical Engineer Twin Hills Gold

Screen Shot 2021-09-03 at 11.44.25 AM

Storm Lake Property

co, I 2 As of the effective date of , 202 , to the best of my knowledge, information and belief, this technical report contains all scientific and technical information that is required to be disclosed to make the report not misleading. , 202 0c49f07c0d36b4b9f5b9110fe0b959f1:full

Similar posts

Subscribe to The Nugget

Offering readers an inside look at commodity prices, current events in the mining and commodities industries, and the latest 43-101 Reports published to the Prospector Portal.