Guinea has imposed an immediate ban on the export of unrefined gold, aiming to promote domestic processing of the precious metal and stimulate economic growth. The policy was announced after President Mamadi Doumbouya met with industrial and artisanal gold producers and buyers.

“Guinea will now require its gold to be processed within its own borders. Raw gold will no longer leave Guinea,” Doumbouya stated, noting that other countries have been reaping the economic benefits of processing and trading raw materials.

According to the World Gold Council, Guinea is Africa’s sixth-largest gold producer. Gold is a major export for the country, with over 22 tonnes shipped in the first quarter of this year alone.

A new refinery near completion in the capital, Conakry, is expected to process the country’s gold before export. With a reported capacity of 250 tonnes per year, it should handle current production levels.

Foreign companies operating in Guinea have been warned that violations of the directive could result in license revocation and termination of mining contracts.

Guinea is also the world’s largest producer of bauxite, used to make aluminum. Similar bans on raw mineral exports have been implemented in other African nations, including Tanzania, Uganda, and Zimbabwe.

Source: www.bbc.com