Guinea bans raw gold exports

The government of Guinea has announced a major policy shift in its mining sector as Guinea bans raw gold exports, requiring all gold produced within the country to undergo local refining before being shipped to international markets.

Key Highlights

•Guinea bans raw gold exports with immediate effect
•All gold must now be refined domestically before export
•Violators risk licence suspension and termination of mining agreements
•Policy aims to increase local value addition and retain mining revenue
•New refinery in Conakry designated as the country’s primary refining hub
•Move aligns with broader African push for local processing of mineral resources

Guinea’s military leader, Mamadi Doumbouya, announced the directive during a meeting with industrial miners, artisanal mining operators, and gold traders. The decision was later broadcast on state television.

Under the new policy, all gold produced in Guinea must be smelted into certified gold ingots at a newly commissioned refinery in Conakry before export.

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Authorities warned that mining companies and traders who continue exporting unprocessed gold could face severe sanctions, including licence suspension and possible termination of their mining agreements.

The government said the measure is designed to strengthen domestic value addition, create jobs, increase government revenue, and reduce reliance on foreign refining facilities.

Guinea possesses the second-largest gold reserves in West Africa and has traditionally exported a significant portion of its gold in raw form for refining and certification abroad.

According to data from the World Gold Council, Guinea ranks as Africa’s sixth-largest gold producer. The country’s gold industry comprises large-scale industrial mining operations, semi-industrial firms, and hundreds of artisanal miners. One of the major operators in the sector is a subsidiary of AngloGold Ashanti.

Government statistics indicate that Guinea exported approximately 22,142 kilograms of gold during the first quarter of the year.

Although Guinea is globally renowned as the world’s leading producer of bauxite, the gold sector has become increasingly important to the country’s economic diversification strategy.

Industry observers note that the decision follows a growing trend among African resource-rich nations seeking to process minerals locally rather than exporting raw materials, thereby capturing more value within their domestic economies.

Officials emphasized that the objective is to ensure that all Guinean gold is refined, certified, and processed within the country before entering international markets.

The latest policy is expected to reshape Guinea’s mining industry and strengthen the government’s efforts to maximize returns from its vast natural resources.