News of the coup in Guinea has caused the price of aluminium to spike to its highest level in 10 years.
The country is the world’s second largest producer of bauxite – the raw material from which aluminium is made.
The Financial Times says the commodity reached a price of $2,776 (£2,000) a tonne, which is the highest level since 2011.
Guinea supplies about a quarter of the world’s bauxite and sends most of it to Russia and China.
Analysts at JP Morgan are quoted as saying that the increased uncertainty around the new political regime in one of the world’s largest bauxite-producing countries may disrupt global commodity export flows and also raise the likelihood of export contracts renegotiation.
Speaking in the capital, Conakry, coup leader Colonel Mamady Doumbouya tried to reassure investors that Guinea will uphold all its undertakings and mining agreements.
Discover more from LN247
Subscribe to get the latest posts sent to your email.
