Iranian government has renewed its contract with the West African nation of Guinea for the production and transfer of bauxite to the Persian country, said a report.

Based on the project, four million tonnes of bauxite will be extracted annually from Guinea-Conakry and transferred to the  southern coasts of Iran for alumina powder production, reported the Iran Daily News.

Iranian Mines and Mining Industries Development and Renovation Organization (Imidro) managing director Mehdi Karbasian and Conakry-Guinea Minister of Geology and Mines Abdoulaye Magassouba approved the contract.

The duo also defined the terms of cooperation for cost reduction, implementation and financing the project, said the report.

The mine has 300 million tonnes of reserves and it is considered one of the sources for supplying raw materials for aluminium industry development in Iran, it added.