Ashapura Minechem Ltd has announced that its abroad subsidiary has entered into a long-term Memorandum of Understanding (MOU) with China Railway, which is a Fortune 500 company for developing a Fako bauxite deposit project in Guinea in West Africa.

In its regulatory filing, the company said, “We wish to inform you that the company’s overseas subsidiary has entered into a long-term Memorandum of Understanding (MOU) with China Railway, a global Fortune 500 company, to jointly develop its Fako bauxite deposit in the Kindia region of Guinea.”

As a part of the deal, the company will be responsible for the sales and marketing department, while China Railway will handle the production of bauxite and provide logistical solutions. 

The company added, “In terms of MOU, China Railway will be responsible for production of Bauxite and provide logistic solutions while Ashapura will be totally responsible for sales and marketing and providing technical support including quality assurance for the project.”

The company is aiming to transform one of Guinea’s most underdeveloped regions by creating job opportunities and increasing production capabilities to drive growth. 

Filing added, “The above mentioned project may be set to transform one of Guinea’s most underdeveloped regions by creating job opportunities. It will also boost the company’s production capacity while driving economic growth and improving the lives of local communities in the Fako region.”

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