Word: guinea
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...Guinea has slapped a tax on bauxite, which will add $40 million a year tot>, the costs of the consortiums of U.S., Canadian, West German, French and Italian aluminum companies that mine the West African country's immense deposits. The tax follows the precedent set by Jamaica last spring, when it increased taxes and royalties on its bauxite by 800%. Guinea plans to use the $40 million to help offset the higher oil-import costs that are squeezing the budgets of, all the less developed countries...
Increasingly, the oil producers will " be moving into countries with development projects like the one announced last week by Guinea: it will join Saudi Arabia, Kuwait, Libya and Egypt in investing $400 million in a joint enterprise that will produce about 9 million tons t> of bauxite ore a year, an amount equal to 150% of Guinea's current output. Like similar deals arranged in the past two years with the Soviet Union and Yugoslavia, the joint venture with the Arabs underscores President Sekou Toure's point that Guinea is becoming less and less dependent on Western companies...
Although the collection is composed primarily of African art, Silverman said it also includes several pieces from the pacific Islands of New Guinea and New Ireland...
Portugal thus began the last and possibly most difficult phase of a decolonization program that has already led to the independence of Guinea-Bissau and the formation of an African-dominated transitional government in Mozambique. When Angola (pop. 5,725,000)-the largest and wealthiest colony -achieves full independence on Nov. 11, the once vast Portuguese African empire will at last cease to exist...
Producers of other materials, too, are now banding together to try to lift prices. Countries that possess iron ore (including Venezuela and Brazil) and seven bauxite producers (Guinea, Guyana, Jamaica, Sierra Leone, Surinam, Australia and Yugoslavia) are talking about forming cartels. Coffee-producing nations hope to control prices by reducing exports from the Central American republics. Oil-rich Venezuela promises to make up their short-term losses in revenues with subsidies from a special investment fund...