(Ecofin Agency) - Chinese firm Chinalco plans to invest $500 million to develop a bauxite project in the Boffa region, Guinea.

This was disclosed by the Guinean minister of mining, Abdoulaye Magassouba, who recently visited China.

According to the official, the project should focus on the reserves abandoned by mining giant BHP Billiton. Mining is expected to begin at the site in 2018.

If effective, Chinalco would expand its footprint in the Guinean mining sector, as it already is active on Simandou iron project.

For Guinea, sealing the deal would be a major milestone in its objective to achieve an annual bauxite output of 60 million tons, by 2020. Currently fourth producer of the commodity worldwide, the country has produced 32 million tons of the ore in 2016.