GUINEA WORLD CLASS MINERAL RESOURCES & AFRICA’S MOST ATTRACTIVE COUNTRY FOR MINING INVESTMENT

In the Fraser Institute Report 2019, the Republic of Guinea was named as the most attractive Africa mining destination for investment. On a global level, Guinea is now ranked 20th in the world, a rise of 83 places from 2015 when it was in top ten least attractive mining destinations worldwide (103rd place).

• Mining is Guinea’s leading economic sector and responsible for around 13% of its GDP
• Investment committed in projects more than 10 billion dollars from 2011 to 2019, including nearly 4 billion dollars already invested, against less than 5 billion between 1958 and 2010.

During the last decade, the major reforms that the Guinea government has put in place to achieve sustainability and shared interest include:

• The adoption of a Mining Code incentives in 2011 and amended in 2013.
• The modernization and putting online of the mining cadastre.
• Compliance with the Extractive Industries Transparency Initiative (EITI) with the online publication of all the Agreements signed with mining companies.
• The establishment of the National Local Development Fund (15% of mining revenues and the contribution of mining companies to local development (0.5 or 1% of turnover).
• In December 2019, the first contributions were received from mining companies into the Fund of Local Economic Development (FODEL) and distributed by the authorities.