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$27.9 billion (2017 est.)
GDP Growth: >6% (2018-19 est.)
Population: 12.7 million (July 2017 est.)
Inflation: 8.9% (2017 est.)
Major Industries:
- Agriculture: Rice, coffee, fruit, livestock, timber
- Mining: bauxite, gold, diamonds, iron ore
- Light manufacturing; agricultural processing
Major trading partners: China, Ghana, Switzerland, UAE, France, Spain, India, Netherlands
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