In 2017, Bel Air Mining was established in Guinea and now in 2021, it is in a deep financial crisis.
The Guinean subsidiary of Alufer Mining Ltd., which exploits bauxite in the Boffa region, has been severely affected due to the recent slash in prices and the increase in freight and restrictions linked to the COVID-19 pandemic.
On 3rd February 2021, the board of directors declared a loss of approximately $ 70 million in revenue over the past two years due to the decline in bauxite prices.
Bel Air Mining in its short-term action plan has decided to slow the pace of transport activities in February 2021, until deposits of 400,000 tonnes have been established, at the port to load 2O GV as soon as it is resumed.
The sub-contract in transport favouring companies in Djoma and Maliguia will be terminated.
According to the Bel Air Mining board of director’s resolution terms, only between 25% - 30% of the 1,700 direct employees of which 96% of the nationals, will be kept full-time, while between 55% -60% of the national workforce contract will be suspended.
During this period of suspension, these contract workers will receive up to 50% of their base salary. The number of expatriate staff will be reduced by 80% with an almost immediate effect. A small group of workers, between 10% -15% of the workforce of Bel'Air Mining and its main subcontractor Brute, will be subject to an economic dismissal measure to such extent as they occupy redundant functions, as is the case in particular with transport operators, an activity that is outsourced.
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