Agency Ecofin reported on July 30 that the first delivery of goods from Cameroon's first large-scale bauxite mine, Minim Martap, has been postponed from mid-2026 to the third quarter. With repeated delays, the project's commercial viability and equity structure have faced significant changes. A2MP Investments (holding 55.56% of the shares, affiliated with the Singapore-based Eagle Eye family office), the major shareholder of the project operator, Canyon Resources, released an analysis report on July 29 stating that the project's business model is no longer viable under current market conditions. The average premium of approximately $11/ton set in the original feasibility study is no longer applicable, and a reduction to approximately $5/ton is recommended. The decline in international bauxite prices due to oversupply, coupled with rising shipping rates from West Africa to China (approximately $8/ton), and high logistics, tax, and operating costs, have significantly compressed the project's profit margins.

[SMM Aluminum Express News] Jamaica and Ghana are negotiating a potential US$60 million bauxite-to-alumina supply arrangement that would revive a trading relationship first proposed more than two decades ago. Under the proposed structure, Jamaican bauxite would be shipped to the Atlantic Alumina Company (ATALCO) refinery in Gramercy, Louisiana, for processing into alumina, before the alumina is exported to Ghana for use in its aluminum industry. The discussions involve Jamaica’s state-owned Jamaica Bauxite Mining (JBM) and Ghana’s integrated aluminum development efforts.

SMM tracking feedback: The 7.7-magnitude earthquake on Flores Island, Indonesia, had a relatively small impact on the aluminum industry chain. In terms of capacity distribution, bauxite, alumina, and the vast majority of aluminum capacity are concentrated in western Indonesia, generally more than 1,400 km from the epicenter; even the closest aluminum smelter—Sulawesi Morowali Huachin Aluminum—was approximately 624 km away, still outside the 300 km damage radius. Coupled with a tsunami wave height of less than 0.4 meters, the actual supply shock was virtually zero. On the pricing front, it may at most show a short-term sentiment pulse of 0–1%, which is expected to be unwound within 1–3 days, without changing the medium-term trend.

Following Brazil’s ANP approval for Alunorte to act as its own gas importer, the refinery secured a temporary terminal-access deal with supplier CELBA, resolving earlier disruptions that had forced a contingency output cut. With this agreement, Alunorte is now ramping alumina production back to full capacity. The stoppage resulted in an estimated lost output of 100,000–120,000 tonnes, and the combined effects of reduced production and above‑contract gas procurement could weigh on Q3 2026 Bauxite & Alumina earnings by USD 75–100 million, even as the company works toward a permanent supply solution.

SMM August 13: Domestic Bauxite: Domestic Ore Supply Disruptions Linger, Mainstream Prices Remain Stable Affected by coking coal-related events in Shanxi, mining at domestic bauxite main producing areas such as Shanxi and Henan was somewhat disrupted in the short term, and ore supply showed phased changes. Meanwhile, alumina prices remained at relatively high levels, and alumina enterprises had moderate tolerance for rising raw material prices, mainly passively accepting current ore prices in the short term. As of today, in Shanxi, VAT-exclusive EXW transaction prices at crushing plants for bauxite with an Al/Si ratio of 5 and 60% alumina content were around 530-550 yuan/mt; in Henan, VAT-exclusive EXW transaction prices at crushing plants for bauxite with an Al/Si ratio of 5 and 60% alumina content were around 500-540 yuan/mt; in Guiyang, VAT-inclusive EXW prices for bauxite with an Al/Si ratio of 6 and 60% alumina content were 490-540 yuan/mt; in Guangxi, VAT-exclusive EXW transaction prices at crushing plants for bauxite with an Al/Si ratio of 6 and 53% alumina content were 320-335 yuan/mt. Imported Bauxite: August Contract Prices Raised Slightly, Imported Ore Price Divergence Between Upstream and Downstream Intensifies Data as of August 7 showed that total weekly port departures of bauxite at main ports in Guinea were 4.5611 million mt, up 690,800 mt from the previous week, with shipments higher. As US-Iran tensions heated up again, oil prices rebounded, and ocean freight rates from Guinea to China showed an upward trend, with market quotes rising to around $35/dmt; costs at various mines also increased to varying degrees. Coupled with policy uncertainty in Guinea and transport affected by severe weather, mines in Guinea tightened control over bauxite shipments. In Australia, as of August 7, total weekly port departures of bauxite at main Australian ports were 926,700 mt, down 126,000 mt from the previous week, with shipments basically flat. Going forward, attention should be paid to the shipment pace of Australian mines and changes in port departures. As of August 7, China's bauxite port arrivals were 5.2267 million mt, up 1.352 million mt from the previous week. Continuous attention should be paid to the impact of elevated and fluctuating oil prices and ocean freight rates on future port arrival pace and landed costs. Price-wise, Guinea's August bauxite long-term contract prices rose slightly compared with July, settling at $73-74/mt, but downstream price acceptance was relatively limited. Meanwhile, bauxite inventories at alumina refineries in China remained high. This week, alumina refinery bauxite inventories were relatively stable, with days of inventories at around 96 days, capping ore prices to some extent. For Guinean bauxite, with transportation costs from Guinea to China rebounding and shipment reductions caused by the traditional rainy season and severe weather adding to mine costs, offers from upstream sellers and traders remained firm and edged up slightly to a high price range around $73/mt; at Chinese alumina refineries, under the combined impact of persistently high inventory and shrinking margins, intended transaction prices held at $70-71/mt; upstream and downstream participants in the bauxite market diverged sharply on prices, transactions slowed, and the standoff carried over from last week. As of this Thursday, Guinean bauxite FOB quotes were $38-42/mt, with the average price unchanged from last Thursday; Guinean bauxite CIF prices were $70-74/mt, with the average price unchanged from last Thursday; the SMM imported bauxite index price stood at $71.72/mt, up $0.15/mt from last Thursday. Going forward, bauxite prices will still depend on cost conditions at individual mines, the traditional rainy season in Guinea, and the impact of the Guinean government's bauxite export quota policy on overall shipments. SMM will continue to closely monitor bauxite market trends and transaction activity. Overall , domestic ore prices held at current levels; meanwhile, inventory at Chinese alumina refineries remained high (about 96 days), and the bid-offer standoff between buyers and sellers continued; uncertainty over Guinea's quota policy, lower shipments, and the traditional rainy season also put some upward pressure on bauxite costs. In the short term, with shipments reduced by the dual impact of costs and policy, imported ore prices are expected to continue their high-level standoff pattern; afterward, close attention should be paid to the implementation of Guinea's quota policy and ocean freight rate trends.

On August 11, it was reported that Guinea’s Mines Minister Bouna Sylla revealed that state-owned mining company Nimba Mining Company would sell bauxite to global traders and miners through monthly tenders. According to Nimba CEO Patrice L’Huillier, the company planned to secure trading partners through agreements setting a minimum guaranteed annual sales volume, while selling additional output via monthly spot tenders. Sylla said the move was aimed at enabling Nimba to operate on a par with international mining companies, with potential partners including Mercuria, Glencore, Rio Tinto, and Vedanta.