New legislation promises to maximise revenues and tighten regulation.
Guinea’s new mining code, passed on September 9, promises to maximise the public revenues generated by foreign deposits and impose stricter regulations upon mining companies operating in the country. The management of the country’s mining practices has been in dire need of reform for some time. Although Guinea possesses half of the world’s supply of bauxite – the main source of aluminium – it remains one of the world’s poorest countries, with 47% of its population living on less than $1 per day.
Among the mining companies active in the country is Rio Tinto.