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2005-06-22
Halco Shareholders Appoint New Chairman
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CBG Board Meets to Plan Future Development in Guinea
New York, USA - June 22, 2005 - Halco (Mining) Inc. ("Halco") and its shareholders are pleased to welcome the appointment of the new Minister of Mines and Geology of the Republic of Guinea, the Honourable Ahmed Tidiane Souare, as the Chairman of the Board of Directors of Compagnie des Bauxites de Guinée ("CBG").
Halco owns 51 percent of CBG, which mines bauxite in the Boke region of the Republic of Guinea. The Government of the Republic of Guinea is Halco's partner in CBG. Alcan Inc. (45%), Alcoa World Alumina and Chemicals (45%) and Dadco (10%) are the shareholders of Halco.
"Minister Souare's experience and knowledge will be very valuable to CBG's on-going business. Halco looks forward to working with him to ensure CBG's future success," said Jean-Philippe Puig, Chairman of Halco's Board of Directors.
A number of notable items were considered at CBG's Board of Directors ("Board") meeting held in Brussels on June 7-8, 2005. In particular, the Board:
- acknowledged that CBG has taken the necessary steps to acquire additional mining titles in accordance with its Basic Agreement with the Government of the Republic of Guinea. Upon the issuance of CBG's additional mining titles, CBG will control sufficient bauxite resources to satisfy the needs of its current and future customers, both for export and for the supply of local refineries. This reaffirms CBG's long term right to all necessary bauxite resources and will help to enable the long term success of the company.
- directed the management of CBG to engage the representatives of the Alcoa-Alcan Alumina Refinery Project to negotiate the terms of a bauxite supply agreement and reiterated its support for the commencement of negotiations with other potential refinery projects in Guinea in accordance with the terms of CBG's Basic Agreement.
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