Nov 26 2008
Vimetco N.V. (LSE: VICO), the global, vertically integrated producer of primary and processed aluminium products, today announces that, on October 13th, 2008, the Minister of Mines and Geology in the Republic of Guinea issued to Vimetco two permits for bauxite prospection.
The permits cover a total area of 832 km2 located in the prefectures of Boffa, Fria and Dubreka in South Western Guinea and their issuance follows promising results from a reconnaissance permit issued to Vimetco by the ‘Direction Nationale des Mines’ earlier this year for the same area.
The permits allow Vimetco to prospect the area over a period of three years with a view to determining if there is sufficient quantity of metal grade bauxite to develop downstream operations.
The drilling programme is planned to start early 2009 and is expected to be completed by the end of the license period.
The Minister of Mines and Geology, Dr. Louncény Nabé said:
“Guinea is pleased to include Vimetco in its plans to develop the bauxite industry in Guinea. These prospecting permits are amongst the first ones that have been granted in a long time, in particular since I have taken office, which shows our confidence in Vimetco to develop the project.”
Chief Executive Officer of Vimetco, Mr. Christian Wüst commented:
“The granting of these permits is a first step towards the development of a bauxite mine in Guinea and is in line with our strategy for the vertical integration of our aluminium business. “