Guinea seeks to double share in mining projects
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- Published on Thursday, 27 January 2011 21:30
- Written by Saliou Samb
Guinea seeks to double share in mining projects
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CONAKRY/OUAGADOUGOU (Reuters) - Guinea plans to boost its stake in mining projects to at least a third, its newly elected president said, a move that could rattle some of the world's biggest mining companies.
Rio Tinto and RUSAL have multi-billion dollar bauxite operations in the West African state, while Vale, Chinalco and others have planned major investments in iron ore.
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"There will be three to five difficult months, since we've decided not to renegotiate contracts but instead to define a new mining policy that will give Guinea at least a third," President Alpha Conde told reporters on Sunday in Burkina Faso.
He said Guinea would begin talks with international firms, but did not say when.
Guinea's current mining policy gives the state a minimum 15 percent stake in mining projects, meaning current mining contracts would need to be amended, a senior Mines Ministry official told Reuters on condition of anonymity.
"It is impossible to increase this participation without a renegotiation (of the contracts)," he said.
Guinea is the world's largest exporter of the aluminium ore bauxite and its iron ore deposits have drawn billions of dollars in planned investments.
Conde was elected in a hotly-contested poll in November that ended nearly two years of military rule and was billed as the former French colony's first free election since independence in 1958.
Conde had promised during his campaign to review all of the country's mining contracts, including several joint-venture deals that were signed during the junta rule.
Officials from Rio Tinto and Vale were not immediately available to comment.
By Mathieu Bonkoungou and Saliou Samb
EXCLUSIF
L’université Thierno Macka Barry honore ses diplômés
L’université Thierno Macka Barry est située dans le quartier Dabompa, Commune de Matoto.
Elle a été fondée en 2006 avec un effectif de cinquante étudiants repartit dans les facultés des lettres et sciences humaines, Droit et sciences politiques et les sciences économiques et gestion.
Les trois premières promotions viennent de bénéficier de leurs diplômes.
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Ethnic clashes erupt in Guinea capital
(Reuters) - Rival gangs fought with knives and truncheons in Guinea's crumbling seaside capital on Friday as ethnic tension worsened before an election in the unstable West African nation, witnesses said.
Security forces in full anti-riot gear piled into the backs of pick-up trucks and deployed across Conakry to separate the fighters as President Alpha Conde's government appealed for calm.
"It has become very bad. People set fire to a car right in front of me. I've seen four people injured in the fighting," said Souleymane Bah, a resident of Bambeto, one of several areas where clashes were reported.
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