Guinea bans exports of raw gold to boost local refining
Summary
Guinea has stopped the export of unrefined gold to encourage refining the metal within the country. This new rule aims to improve the economy and create jobs by keeping more value from gold mining inside Guinea.Key Facts
- Guinea's president, Mamadi Doumbouya, announced the ban on raw gold exports.
- The rule means all gold must be processed in Guinea before it can be sold internationally.
- Guinea is the sixth largest gold producer in Africa.
- A new gold refinery in the capital city, Conakry, will process the country's gold.
- The refinery can handle up to 250 tonnes of gold each year, matching current production levels.
- Foreign mining companies face losing their licenses if they break the new export rule.
- Other African countries like Tanzania, Uganda, Ghana, and Zimbabwe have similar bans on raw mineral exports.
- Guinea is also the world's biggest producer of bauxite, a metal used to make aluminum.
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