Guinea

The Republic of Guinea is located in West Africa with an Atlantic coastline. It borders Guinea-Bissau, Senegal and Mali to the north; Sierra Leone, Liberia and Côte d’Ivoire to the south.

GDP: US$16 billion (2016 est.)

GDP Growth: Estimated to be c.4.7% 2017-18

Population: 12.5 million (July 2017 est.)

Inflation: 8.2% (2016 est.)

Major Industries:

  • Agriculture: Rice, coffee, fruit, livestock, timber
  • Mining: bauxite, gold, diamonds, iron ore
  • Light manufacturing; agricultural processing

Major trading partners: India, Spain, Ireland, Germany, Belgium, Ukraine and France (2015)

Mining Industry

  • Mining accounts for over 70% of the country’s exports.
  • Several ‘majors’ present in country.
  • Deposits of bauxite, iron ore, gold and diamonds with significant geological potential.
  • Country accounts for c. 27% of global bauxite reserves (Source: The Bauxite Index).

Transitioning to a Stable Democracy

  • Guinea’s first democratic presidential elections were held in November 2010 and parliamentary elections were held in September 2013.
  • Guinea subsequently received increased support from global institutions including the United Nations, the World Bank, the IMF and the EU.
  • Democratic presidential elections were then held in October 2015, with the incumbent Alpha Conde winning the vote with a significant majority in the first round
  • He was inaugurated for a second five term on the 14th December 2015, is focused on creating economic wealth for the country and encourages foreign investment within this context.

Mining Code 

  • Final amendments to the ‘new’ code were promulgated in April 2013.
  • Government right to 15% non-dilutable free-carried interest and to acquire up to a further 20% interest for cash.
  • These are maximum levels of Government participation – final terms in every case to be negotiated individually in a Mining Agreement between the Government and the mining company and will include royalties, tax rate, tax holidays etc.

Sources: CIA Factbook; EIU, The Bauxite Index