Nimba plans to secure a trading partner under an agreement covering guaranteed minimum annual ​sales volumes while marketing additional production through monthly spot tenders, Nimba Chief ⁠Executive Patrice L'Huillier said separately.

"One time it may be Mercuria, another time it may be ​Glencore, Rio Tinto or Vedanta," the Mines Minister Bouna Sylla said in an interview. "The objective is ​for Nimba to operate on the same commercial basis as international mining companies."

GUINEA TIGHTENS GRIP

The move marks Guinea's latest drive to increase state participation in a sector dominated by foreign operators.

Since taking power in 2021, President Mamadi Doumbouya's ​government has tightened oversight of mining projects, accelerated development of the long-delayed Simandou iron ore project and ​pushed miners to build refining capacity to add value locally.

The government last August transferred Emirates Global Aluminium's assets to Nimba, ‌giving the ⁠company its first major operating asset.

Nimba said last week it had exported more than 5 million metric tons of bauxite since its creation and aims to ship 10 million tons this year before reaching annual capacity of 12 million tons from 2027.

L'Huillier said Nimba's long-term strategy is ​modelled on Saudi Arabia's ​Ma'aden, with four business ⁠divisions: bauxite, alumina, gold and base metals. Over the next two to five years, the company aims to produce at least 14 million tons ​of bauxite annually, bring an alumina refinery into construction, develop one ​gold mine and ⁠advance a base-metals project to the bankable feasibility stage.

Nimba has already signed a joint venture agreement with Australia's Resolute Mining to explore gold opportunities and is pursuing the alumina refinery project.

Rather than relying ⁠on ​funding from major projects such as Simandou, Nimba will expand ​by reinvesting profits from its own operations, Sylla said.

"The right model is for the company to develop its assets, generate ​profits and reinvest to diversify."