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Ashapura Minechem’s step-down arm signs contracts for supply of Bauxite and Iron Ore from Guinea

18 Sep 2023 Evaluate

Ashapura Minechem’s step-down subsidiary -- Ashapura Holdings (UAE) FZE has concluded and signed 2 contracts for the supply of Bauxite from Guinea and Ashapura Guinea Resources SARL (a step-down subsidiary of Ashapura Minechem) concluded and signed a contract for the supply of Iron Ore from Guinea.

The two contracts for supply of 24 million tons of Bauxite from Guinea were signed with a subsidiary of the Chinese aluminium major, State Power Investment Corp (SPIC); the first contract, a 3 million tons per annum supply contract for 3 years and the second contract, a 3 million tons per annum supply contract for 5 years. SPIC, a Fortune Global 500 company, is one of China’s largest state-owned conglomerates having total assets of $112 billion integrated over nuclear power, thermal power, coal, aluminum, logistics, finance, environmental protection and high-tech industries.

The contract to supply 10 million tons of Iron Ore was signed with Tai He Mining, whereby 2 million tons per annum of Iron Ore will be supplied for 5 years. Tai He Mining is a Chinese Iron Ore major with the latest technology to upgrade & process Iron Ore. These contracts offer Ashapura the opportunity to set-aside a part of its production from Guinea towards stable long-term commitments.

Ashapura Minechem is the mine owner and exporter of bentonite. The company also has business interests in iron ore, bleaching clay, kaolin and barites. They have also recently diversified into bauxite. 


Ashapura Minechem Share Price

684.75 21.05 (3.17%)
08-May-2026 16:59 View Price Chart
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