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Global News
2021-3-30

As per our sources reported on 23rdMarch 2021, an investigation was opened in Paris after a complaint about corruption in the exploitation of bauxite in Guinea comprising President Alpha Condé, several of his relatives and mining companies. This preliminary investigation, opened by the National Financial Prosecutor's Office (PNF) in September, follows the complaint about "corruption, influence peddling and corruption laundering", filed in August by the Collective for the transition in Guinea (CTG). Ibrahim Sorel Keita, CTG, spokesperson, said: "We have very strong suspicions of corruption between the ruling clan and the miners, including the Responsible Mining Alliance (AMR) and the Boké Mining Company (SMB).” The words of CTG bring together the opponents of Alpha Condé, President since 2010 and re-elected in October’20 for a controversial third term. Romain Girbal and Thibault Launay two young entrepreneurs, founded AMR in 2015, obtained a license to mine bauxite, which was permitted by President Condé’s government on 7thJune 2017. However, a week later, AMR sold this deposit to SMB, one of the country's main exporters, owned by a Franco-Sino consortium. The AMR assured, while the announcement of the complaint that they have in fact concluded a farm-out contract, which is considered as a common practice in the international mining sector, perfectly in accordance with the Guinean Mining Code. "We have never done anything illegal in France or in Guinea", as stated by AMR, which counts on its board of directors in particular the former boss of Areva Anne Lauvergeon and the shipowner Edouard Louis- Dreyfus. "The origin of the allegations is a political fight which is foreign to us", adds the AMR, denouncing "incomprehensible" attacks and specifying to ignore everything of the investigation. “The instrumentalization of justice both in France and in Guinea is in the context of ‘a political struggle’. “I have nothing to say, not having had access to this complaint which comes from a political organization and is openly part of an electoral calendar", underlined Me François Zimeray, a lawyer for the leader of the SMB Fadi Wazni.

Eyes on China
2021-4-9

Apr 9 —From January to February, large-scale domestic industrial enterprises achieved a total profit of around 1.1 trillion yuan, a year-on-year increase of 1.79 times (calculated on a comparable basis), an increase of 72.1% from January to February 2019, and an average increase of 31.2% over the two years. Private enterprises realised a total profit of 331.69 billion yuan, a rise of 1.37 times. The mining industry achieved a total profit of 98.84 billion yuan from January to February, a YoY increase of 83.0%; the manufacturing industry achieved a total profit of 929.42 billion yuan, a gain of 2.20 times; the electricity, heat, gas and water production and supply industries achieved a total profit of 85.74 billion yuan, an increase of 57.5%. Among 41 major industrial sectors, total profits rose year-on-year across 38 industries, and fell in two industries. From January to February, large-scale industrial enterprises achieved operating income of 16.87 trillion yuan, a year-on-year increase of 45.5%; operating costs stood at 13.99 trillion yuan, a rise of 43.5%; operating income profit margin was 6.60%, a rise of 3.15 percentage points. At the end of February, assets of large-scale industrial enterprises totalled 126.90 trillion yuan, a YoY increase of 9.6%; total liabilities were 71.27 trillion yuan, an increase of 9.4%. The cost per hundred yuan of operating income at large-scale industrial enterprises was 82.92 yuan in Jan and Feb, a year-on-year decrease of 1.16 yuan; the cost per hundred yuan of operating income was 8.79 yuan, a year-on-year decrease of 1.38 yuan.

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