Guinea’s junta, under President Mamady Doumbouya, has taken a decisive step in reclaiming the nation’s resource wealth by canceling more than 50 mining permits for the extraction of gold, bauxite, diamonds, and graphite. This sweeping move targets both foreign companies and local operators that have failed to meet their contractual obligations, signaling a broader effort to enforce compliance and stimulate local value addition in the mining sector.
In a decree broadcast on state television, the government emphasized that many of the concessions were not being actively developed. The aim is to ensure that Guinea’s natural resources benefit the country’s development rather than lining the pockets of external entities. This follows a series of measures where non-compliant companies, including some major foreign investors, have been ousted from lucrative projects such as bauxite refining operations.
Critics warn that while these actions could boost national sovereignty and ensure more equitable revenue distribution, they may also unsettle investor confidence in a sector critical to Guinea’s economy. However, proponents argue that such measures are essential for redirecting profits and technological expertise back into domestic development.
