afrol News, 28 November - Of late, Guinea is attracting the attention of exploration companies, the latest being the mining company BHP Billiton that has officially opened its office in the capital Conakry. Also offshore oil and gas exploration is speeding up.

In a statement, BHP officials said their Guinea office would now oversee the company's exploration activities in other West African countries.

The company said it has three bauxite concessions in Boffa, Santou and Houda and is also a joint venture partner in a mining concession for iron ore at Mount Nimba. All these activities are said to be in the exploration stage.

BHP further has expressed its intention to participate in the development of an advanced alumina refinery project in Guinea with joint venture partners.

At the official opening ceremony, the company's chairman for sub-Saharan Africa, Vincent Maphai, said BHP cared for the community it operates, which is why they had set aside US$ 500,000 for helping the communities of Lola and Boffa to combat malaria.

"We have worked closely with the governments of South Africa and Guinea in establishing this office and we believe that Guinea has enormous potential for investment," Mr Maphai said.

BHP is a global giant company that has over 100 operations in 25 countries. It has over 38,000 employees. It is among the leading supplier, producer and exporter of steel-making raw materials and other natural resources.

Also a minor Texan oil company, Hyperdynamics, has been attracted by Guinea lately, where it now focuses its African activities. Guinea is so far not a producer of hydrocarbons, but it is believed that there may be great offshore reservoirs of oil and gas. Hyperdynamics last week announced its intensification of explorations in Conakry.

It is believed that Guinea could have shaped better living conditions for its citizens if the country's government prioritised exploration of the country's many natural resources. Guinea is seen as the most mineral rich country of West Africa, but has so far been unable to translate this wealth into welfare for its people.

For years, Guinea has been reeling with economic instability and poor governance, which punctuated with high poverty. However, according to the International Monetary Fund, Guinea is now on the right economic track, although its President rules from a sick bed.

The continent's economic giant, South Africa, is poised to accelerate Guinea's economic development after both countries signed bi-lateral cooperation last week. South Africa in particular was to help rebuild Guinea's transport infrastructure, Pretoria said in a statement.

By staff writer

© afrol News

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