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MINING INDABA 2012: Guinea miners could lose licences under new reforms

February 07, 2012 - 15:57 GMT Location: Cape Town

KEYWORDS: Guinea , miners , licence , reform , BHP Billiton , Rio Tinto , Vale , iron ore , bauxite

Mining and exploration companies in Guinea could lose their licences if they do not comply with new mining reforms, Guinean mines minister Mohamed Lamine Fofana told Metal Bulletin on the sidelines of the Mining Indaba in Cape Town on Tuesday February 7.

“It is a fact that we are not getting the full benefit of our resources,” Fofana said. The reforms include the creation of state-owned mining companies, an audit of existing companies operating in Guinea, a revision of current mining agreements and an upgrade of the country’s resources. “We are engaging an external law firm to undertake the audit, for the sake of transparency. Everyone...

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