"You And I Can No Longer Continue This Fool's Game" - Guinea President Orders Foreign Companies

"You And I Can No Longer Continue This Fool's Game" - Guinea President Orders Foreign Companies

May 13, 2022

Wongel Zelalem

Foreign Companies To Pay More Mining Royalties

But Guinea's leaders have toughened their stance towards multinationals, saying they want the country to earn more from its mineral resources. Guinean leaders had been seeking ways to turn the nation's mineral wealth into a means of economic development.

"Despite the mining boom in the bauxite sector, we have to admit that the expected revenues are below expectations, and you and we cannot continue this game of fools that perpetuates great inequality in our relations." ~Mamady Doumbouya, president of Guinea said.

With an estimated 7.4 billion tons, Guinea has the world's largest reserves of bauxite, a mineral used in the manufacture of aluminum, which is essential for the automotive and food industries. It is also the second largest producer. China imports about half of its bauxite needs from Guinea.

"Guinea is now much more aware of the value of their resources" and has better control of the mining industry and exports, said, Anthony Everiss, a senior aluminium analyst at the commodities consultancy CRU Group.

However, the benefits to Guinea from bauxite mining and other abundant natural resources such as iron, gold and diamonds are notoriously disproportionate.

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