Corporate social responsibility: GAC contributes 14.5 billion Guinean francs for the economic development of the Boké Region

Kamsar, Thursday, 5 May 2022 --- Guinea Alumina Corporation SA (“GAC”) announced today that it has contributed 14.5 billion Guinean francs to the Boké Local Economic Development Fund (FODEL), based on bauxite exportation of 2021. Over the past two years, GAC has contributed more than 31.4 billion Guinean francs to the FODEL to support the economic development of Boké.

The sums remitted to the FODEL must be used to finance infrastructure, basic social services, and income-generating activities, thereby contributing to the development of entrepreneurship, local employment, and human capital.

As a reminder, the FODEL was created by the Guinean government and became effective in 2020. The sums remitted to the FODEL by GAC and other mining companies are administered exclusively by a committee made up of representatives of local elected officials, civil society, youth, and women.

This communication from GAC is made in accordance with article 5 of decree D/2017 285/PRG/SGG which stipulates: "To promote transparency in the payment of contributions, any payment to the Local Economic Development Fund made by mining companies must be made public within 5 working days following the date of payment, justified by a receipt or any other releasing document. The publication of the payment must be made by press release with copy to the concerned communal councils, the ministers in charge of Mines, Local communities, Budget and Finance. Communal councils are required to relay information to the municipalities concerned, in accordance with the communication methods provided for in article 219 of the Local Authorities Code. »