12 SEPTEMBER 2011Bloomberg
Guinea Adopts New Mining Code That Gives State 35% Stake
Edited by : AL CIRCLE
1 min read
Lawmakers in Guinea, the world’s biggest exporter of bauxite, adopted a new mining code that will give the West African nation a 35 percent stake in commodity companies.
“The code gives a correction to the old one for Guinea’s interests,” Mines Minister Lamine Fofana told reporters after the policy was approved by members of the National Transitional Council, the country’s legislative body. Investors will have to show feasibility studies before mining concessions are granted, Fofana said in the capital, Conakry, today. “Permit holders must work in transparency,” he said.
Guinea, whose President Alpha Conde pledged mining-sector reforms as part of his election campaign last year, holds as much as half of the world’s bauxite reserves, according to the U.S. State Department.
Customs duties will be increased to 8 percent from 5.6 percent, Fofana said today. Guinea should have an increased role in bauxite sales and previous mining rights should not be challenged, according to a copy of the code handed to reporters on Aug. 31.
“The code gives a correction to the old one for Guinea’s interests,” Mines Minister Lamine Fofana told reporters after the policy was approved by members of the National Transitional Council, the country’s legislative body. Investors will have to show feasibility studies before mining concessions are granted, Fofana said in the capital, Conakry, today. “Permit holders must work in transparency,” he said.
Guinea, whose President Alpha Conde pledged mining-sector reforms as part of his election campaign last year, holds as much as half of the world’s bauxite reserves, according to the U.S. State Department.
Customs duties will be increased to 8 percent from 5.6 percent, Fofana said today. Guinea should have an increased role in bauxite sales and previous mining rights should not be challenged, according to a copy of the code handed to reporters on Aug. 31.
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