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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