Guinea firm wins control of French alumina group Alteo

A commercial court in France on Thursday handed control of Alteo, a global leader in specialty alumina, to Guinea-based logistics specialist United Mining Supply (UMS). UMS was the last remaining candidate to take over Alteo’s production site near the southern city of Marseille, a year after it entered bankruptcy proceedings because of falling orders against the backdrop of a global crisis in the aluminium industry. Alumina is smelted to produce aluminium metal, but is also used as a raw material for ceramics and consumer products such as smartphone screens. The court said UMS’s financial support as a new shareholder in Alteo Holding would allow the plant to free up enough cashflow to carry on. UMS, owned by French-Lebanese-Guinean businessman Fadi Wazni, will take on part of Alteo’s debt and phase out the import of bauxite, a raw material for aluminium production, within 12 to 18 months because of its environmental impact. Alteo imports its bauxite mainly from Guinea, a major producer of the rock, which has a high aluminium content.  After refining, the factory has been stocking bauxite residue outdoors, prompting complaints from local residents about air and water...