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Guinea Wants to Claim Third of All Mining Projects

After its first democratic transfer of power last year the West African nation of Guinea is planning to stake a claim in one third of all mining projects. The nation of Guinea has considerable bauxite and iron ore deposits.

A new policy is being drafted by the present government to help keep a state stake in mining ventures. The newly elected President Alpha Conde was speaking in Ouagadougou the capital city of Burkina Faso when he said that the government would not renegotiate contract but will redefine a new mining politics where Guinea will have at least a third part blocking minority.

The president has pledged to bring financial stability to the country and for a nation that holds almost half the world’s bauxite this may be a good game plan. The US State Department pegs more than 4 billion metric tons of iron ore and significant diamond and gold deposits in Guinea as well.

Vale SA, RUSAL and Rio Tinto already operate mines in the country. The president predicted three to five difficult months as they had decided not to renegotiate contracts but instead to define a new mining policy that will give the country a third of the control.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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