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Aluminum price hits ten-year highs amid Guinea unrest

The global aluminum market depends on 20% of its bauxite supplies from Guinea

MOSCOW, September 6. /TASS/. The price of aluminum has climbed to $2,761 per tonne amid reports of an attempted coup in Guinea, with the metal surpassing its 2011 high, according to trading data. The price was 1% up on its Friday close.

On September 5, Guinea’s military made a televised address, announcing the apprehension of President Alpha Conde, the dissolution of the government and the suspension of the Constitution. Eyewitnesses reported shooting near the presidential palace.

The global aluminum market depends on 20% of its bauxite supplies from Guinea.

Against this background, Rusal shares soared by more than 14% on Monday, also hitting the 2012 highs on the Hong Kong Stock Exchange.

Rusal has had operations in the Republic of Guinea since 2001, being one of the largest foreign investors in the country. In Guinea Rusal owns Compagnie des Bauxites de Kindia (CBK) and the Friguia bauxite and alumina complex. Moreover, the company is implementing the project on the development of the world’s largest bauxite deposit Dian Dian in the Boke region.