Guinea has inaugurated its first gold refinery in Conakry, months after announcing a ban on exporting raw gold and mandating that it be processed within Guinean territory.
Guinea’s Minister of Mines and Geology, Bouna Sylla, said during the inauguration that for centuries the country had extracted and exported gold in its raw state, failing to capture the value added through refining.
He said that the government’s current objective was to refine 30 percent of its gold production.
According to the World Gold Council, Guinea is one of Africa’s major gold-producing nations, alongside Ghana, Mali, South Africa, and Burkina Faso.
The Conakry facility has a massive processing capacity designed to handle hundreds of tons of gold annually and issue certified “Made in Guinea” gold bars.
Guinea is deepening direct state involvement in the gold sector, including a 50-50 joint venture between the state-owned Nimba Mining Company and Australian producer Resolute Mining.
Large-scale commercial producers in the country have been navigating compliance talks and transition rules with the Ministry of Mines and Geology.
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