Prices on the London Metal Exchange rose 1.8% to $ 2,775 per tonne, the highest level since May 2011. In China, futures jumped 3.4% to their highest level since 2006 as the country imports half of its bauxite from Guinea.
The military who toppled Guinean President Alpha Conde summoned his ministers and senior government officials to a meeting on Monday, the day after the coup d’état. An army unit spokesman told state television that refusing to attend a meeting at 11:00 GMT would be considered a mutiny.
In the capital of Guinea, traffic resumed on Monday, and several shops reopened around the Calum administrative district in Conakry, which witnessed an exchange of fire between special forces and soldiers loyal to Condé throughout Sunday. A military spokesman said on television that the country’s borders were also open.
A division of the armed forces seized power on Sunday 5 September and suspended the constitution. The special forces unit is led by former French foreign legionnaire officer Colonel Mamadi Dumbuya, who said Sunday on state television that “poverty and rampant corruption” forced his forces to remove Condé from office.
The coup was met with condemnation from the UN and the African Union. The US State Department said the violence and unconstitutional measures could undermine Guinea’s prospects for stability and prosperity.
Alpha Condé ruled the country for ten years, but his popularity plummeted last year after he canceled his terms and decided to run for a third term.
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