According to the memo, the reason for the suspension is a result of the lack of sales of Bauxite in the world market which has negatively impacted the cash flow of the company and its ability to maintain normal operations.
However, the company has asked all junior staff to stay home during this period and that they will be paid their full January 2023 salaries. The company further told the staff to be patient as they are working hard to restore operations within the shortest possible time.
Sierra Mineral Holdings 1 Limited (SHML), is one of the arms of Vimetco Holdings, a globally integrated aluminium group. SHML has been supplying alum, the raw material used for the production of aluminium to supply the global market.
The company holds a mining lease of 321.7 km2, that lies along the same belt as the World known Guinea bauxite deposit. In 2018 they planned to produce about 2.2 million tons of commercial bauxite.