Guinea seeks to attract significant foreign direct investments to develop its mining sector, which has the potential to transform the economy of the country. Guinea possesses the world's largest reserves of bauxite and largest untapped high-grade iron ore reserves, as well as gold and diamonds. (Source EITI 2018)
In addition, Guinea has fertile soil, ample rainfall, and is the source of several West African rivers, including the Senegal, Niger, and Gambia. Guinea's hydro potential is enormous and the country could be a major exporter of electricity. The country also has tremendous agriculture potential. Gold, bauxite, and diamonds are Guinea’s main exports. International investors have shown interest in Guinea's unexplored mineral reserves, which have the potential to propel Guinea's future growth.
Guinea is located in West Africa. It is bordered to the west by the Atlantic Ocean, to the north by Senegal, Mali and Guinea Bissau, to the east and south by Ivory Coast, Liberia and Sierra Leone. Guinea is at a turning point after decades of authoritarian rule since gaining its independence from France in 1958. The country held its first free and competitive democratic presidential and legislative elections in 2010 and 2013 respectively, and in October 2015 held a second consecutive presidential election. In April 2013, the government amended its mining code to reduce taxes and royalties. In 2014, Guinea complied with requirements of the Extractive Industries Transparency Initiative by publishing its mining contracts. Currently Guinea is negotiating a new IMF program which will be based on Guinea’s new five-year economic plan, focusing on the development of higher value-added products, including from the agro-business sector and development of the rural economy. Guinea’s economy grew by 6.6% in 2016 and 6.7% in 2017, mainly due to growth from bauxite mining and thermal energy generation as well as the resiliency of the agricultural sector.
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Laws and Regulations
The types of permits issued by the government of Guinea for the mining sector include exploration permits, semi-industrial and industrial mining exploration permits and mining concessions. There are also quarrying exploration and production licences, as well as artisanal production licenses.
The Mining Code distinguishes between areas (i) without geological information or for which geological information has not identified a deposit and (ii) areas which have been explored and which cover a deposit which has generated interest by several companies. Licenses for areas which fall into the first category are distributed on a first-come, first serve basis. Licenses which are known to have a commercial deposit are allocated based on a transparent and competitive basis.
There are currently two companies conducting exploratory work in the oil and gas sector in 2013. These were Tullow Oil (Production Sharing Contract signed in 2006) and Simba Energy (PSC signed in 2008). (Source EITI 2018)
No information has been provided.