Fadi Wazni, a Franco-Guinean businessman of Lebanese origin, Chairman of the Board of Directors of Société Minière de Boké (SMB) and Managing Director of United Mining Supply (UMS), continues to make his mark on Guinea's mining industry with the opening of a new bauxite mine in the Boké region. This initiative, announced recently, is part of Wazni's ambitious strategy to strengthen Guinea's position as a world leader in bauxite production, while promoting local processing of resources.
The new mine, located in the strategic region of Boké, the epicentre of bauxite production in Guinea, will increase the extraction capacity of SMB, which already produces more than 30 million tonnes of bauxite per year, making the company a major contributor to the Guinean state budget. This expansion is supported by the SMB-Winning consortium, created in 2014 by Wazni in partnership with Chinese aluminium giant China Hongqiao and Singaporean shipping company Winning Shipping. This consortium has transformed Guinea's mining landscape, becoming the country's leading bauxite exporter in 2018 with more than 42 million tonnes exported, mainly to China.
The project, which has received significant investment, is accompanied by logistics infrastructure developed by UMS, including roads, bridges and mineral ports on the Rio Nunez, ensuring efficient transport of bauxite. This integrated approach, combining extraction and logistics, reflects Wazni's vision: "Order and discipline are at the heart of our strategy to maximise efficiency and minimise environmental impact," he said in a previous interview.
Beyond extraction, Fadi Wazni emphasises local processing, a priority objective for the Guinean government. In 2021, UMS acquired Alteo, the world leader in specialty alumina, based in Gardanne, France. This strategic acquisition allows Guinea to benefit from Alteo's expertise in developing an alumina refinery in Boké, a project approved by General Mamadi Doumbouya's government in March 2024. This project, estimated to cost €1.4 billion and 40% financed by equity, aims to produce alumina and gallium, with commissioning scheduled for 2028.
"Domestic processing of raw materials is essential to making Guinea a major economic player in Africa," Wazni said at the Invest in Africa Forum, held in Paris in April 2024. This project also includes the creation of a centre of excellence for engineers in partnership with Gamal Abdel Nasser University in Conakry, strengthening local capacities.
The opening of this new mine comes at a time when Guinea, often compared to Australia for its mineral wealth, is attracting the attention of major powers for its strategic resources, which are essential to the global energy transition. Bauxite, used in the production of aluminium for electric vehicle batteries and other green technologies, places Guinea at the heart of global energy issues.
However, SMB's activities are not without controversy. In 2022, an investigation revealed that SMB's taxable profits in Guinea were low compared to those of another entity in the consortium based in a tax haven, raising questions about tax optimisation. Wazni rejected these accusations, calling a $300 million tax claim "fantastical" and pointing out that SMB had voluntarily imposed income tax on itself from its third year of operation.
Fadi Wazni, who is also Honorary Consul of the Netherlands in Guinea, stresses the importance of placing "human issues at the heart of mining operations." Through the Wazni Foundation, he funds social projects such as school renovations and clinic expansions, thereby contributing to the development of local communities.
With this new mine and his refinery projects, Fadi Wazni is consolidating his role as a central figure in Guinea's mining sector. By combining industrial expansion, local transformation and community engagement, he aims to make Guinea a model of sustainable mining development, while navigating the economic and geopolitical challenges of a rapidly changing sector.