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Guinea Warns Foreign Mining Firms to Share Profits Equally

Apr 10, 2022

 

Umm Muhammed Umar

Guinea’s military junta has told foreign mining companies they must share profits equally with the West African nation. It has also set a May deadline for plans to build local refineries to be presented.

Guinea’s leader, Mamady Doumbouya, a military officer serving as the interim president of Guinea since October 2021, has also reportedly said penalties would be imposed on those not meeting the end May deadline.

According to the BBC, the West African nation is the second biggest producer of bauxite, which is used in the manufacture of aluminium. Guinea reportedly intends to gain greater benefit from the process of turning bauxite into alumina, with the presidency having posted on Facebook that “a more equitable partnership with foreign firms was a win-win”.

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