Abu Dhabi's state-owned fund Mubadala and the Guinea government have signed a $5 billion agreement to build a bauxite and alumina refinery in Guinea, the West African country's minister of mines and geology said on Monday.

"It is important for Guinea because we have a strong partner in Mubadala, well known all over the world and backed by the government of UAE," Guinea's Mohamed Lamine Fofana told Reuters.

The minister added that the entire cost of the project would be borne by Mubadala, adding the refinery will have a capacity of two million tonnes per annum. – Reuters