What next for Guinea’s regulation? Tracking the evolution of the Guinean mining code against the ups and downs of the global mining industry

On April 9, 2013, the Republic of Guinea enacted amendments to its 2011 mining code, with the aim of reinforcing the message to international investors that Guinea is open for business. In a press statement, the Guinean minister of mines, Mohamed Lafine Fofana, declared the government’s intention to provide for a more flexible regime and show that Guinea can adapt to a changing global economy.

The 2011 Code -

Remember 2011? It was the height of the commodities boom. Mining companies were eager to develop new projects and, despite political instability, Guinea was targeted for its large and mainly undeveloped reserves of bauxite and iron ore.

In this context, the Guinean state adopted its 2011 code, which included harsher measures at the expense of mining companies. The objectives were to promote economic growth, improve transparency and to ensure that more revenue from mining went to Guinean citizens.

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Topics:  Economic Development, Minerals, Mining, Natural Resources, New Legislation, Resource Extraction

Published In: Energy & Utilities Updates, Finance & Banking Updates, International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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