French telecoms tycoon Xavier Niel’s private investment vehicle NJJ Capital has acquired a minority stake in Alliance Miniere Responsable (AMR), which is exploring for bauxite in Guinea, the company said on Wednesday.
Niel, one of France’s richest men, becomes the latest shareholder in AMR, joining former Areva SA Chief Executive Officer Anne Lauvergeon and Edouard Louis-Dreyfus, president of the shipping company that bears his name, according to the statement.
Niel, Jewish businessman, set up low-cost telecoms operator Iliad in France. This week was said to be eyeing a move into the U.K. market, as Reuters reported.
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The specific goal behind the move was unclear, but a spokesman for AMR told Reuters that Niel wanted to diversify his portfolio, which also includes a stake in Telecom Italia.According to Bloomberg Investment in Guinea’s bauxite mines is key to unlocking faster economic growth in the West African country, which holds more than a quarter of the known reserves of the ore that gets processed into aluminum. AMR plans to apply for a production license this year.
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