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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 emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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