A military junta claimed to have seized control in the West African country of Guinea and detained President Alpha Conde, casting uncertainty over key bauxite and iron ore supplies. The elite unit on Monday allowed travel to resume through checkpoints in the capital of Conakry, barred government officials from foreign travel and lifted a curfew in mining areas. What’s more, it has imperilled minerals and mining endeavors which are crucial to the country’s economy and global supply chains, according to experts. Guinea’s 110-kilometer Simandou range hosts one of the largest untapped iron ore deposits in the world, containing more than 8.6 billion tons of ore with an average 65% iron content, according to the country’s National Institute of Statistics. Guinea has the world’s largest reserves of bauxite, the globe’s main source of aluminum. Prices of aluminum spiked to a 10-year high Monday on the London Metal Exchange amid fears of global supply disruption.
SOURCE: CNBC