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In its recent industry report, Fitch Solutions predicts that new projects coming online in Guinea, Indonesia and Australia, as well as increased production in India and Indonesia, will drive global bauxite production growth this year following the 2020 outbreak.
The U.S. credit rating agency estimates that new projects under construction will support growth in bauxite production in Australia, which has 12 of the 32 new bauxite projects in Fitch's Key Mineral Projects database, more than any other country.
Rio Tinto's capacity expansion at the Amrun project will boost the country's bauxite production over the next few years, with the Amrun project achieving production in December 2018 and ramping up operations to full production of 22.8 million tonnes per annum in April 2019.
Metrol Mining is also estimated to make a significant contribution to Australia's bauxite production growth following the passive early cessation of shipments in September 2020 and subsequent resumption of production in April 2021. Fitch is also bullish on the company's Bauxite Hill Phase 2 expansion project.
In addition, Mitsubishi's announcement in March 2021 of its acquisition of a 30% stake in the Canco Aurukun bauxite project is expected to further stimulate growth. Mitsubishi plans to make a final investment decision on the mine in 2022.
Australia is one of the world's largest bauxite producers, accounting for approximately 29.6% of total bauxite production in 2020. Fitch forecasts that bauxite production in Australia will grow another 4% in 2021, following a 4.8% increase in 2020, as affected mining companies recover from the global outbreak.
Guinea's bauxite sector has the largest bauxite reserves on the planet, and Fitch forecasts steady growth in the country's bauxite production in the coming years, driven by healthy project transportation corridors and a rich resource base. According to the U.S. Geological Survey, the country's bauxite reserves are estimated to be about 7.4 billion tons as of 2020, with total production of 82 million tons. Last year, Guinea accounted for more than 22 percent of the world's total bauxite production.
The Boke region holds reserves of about 430 million tons of bauxite, and Société Minière de Boke aims to produce 6-10 million tons of bauxite per year, with production scheduled to begin in 2022.
Translated with www.DeepL.com/Translator (free version)
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