(Ecofin Agency) - • Guinea withdraws 129 exploration permits for gold, diamond, and bauxite, returning titles to state control
• AngloGold Ashanti among the companies affected, though permits revoked were already expired
• Authorities plan to reassign the permits to new investors following a mining cadastre audit

Guinea has intensified its effort to reform the mining sector, revoking 129 exploration permits, primarily related to gold, but also involving diamonds and bauxite. The move is part of an ongoing campaign to clean up mining titles and reclaim areas that may be reassigned to new investors.

The latest revocations were announced by Mines Minister Bouna Sylla on Monday, May 26, via national television. The announcement confirmed that the permits have officially reverted to state control. This marks the fourth such decision in recent weeks, following two presidential decrees and a previous ministerial ordinance.

Among the affected companies is AngloGold Ashanti, one of the top five gold producers globally, and operator of the Siguiri gold mine in Guinea. While the order did not specify individual causes for each withdrawal, it noted that all the revoked permits were already expired, with expiration dates ranging from 2012 to 2024.

The legal basis for the decision draws on provisions from the Guinean Mining Code, specifically Articles 24 and 25, which stipulate that exploration permits may only be renewed twice, for a maximum total of four years. If the holder does not submit a feasibility study by the end of that period, the permit becomes invalid and is subject to cancellation.

This action follows a post-coup audit of the mining cadastre, initiated after General Mamadi Doumbouya came to power in September 2021. Authorities have described the effort as a way to clear inactive or abandoned permits from the registry and open up land for fresh investment.

According to unnamed officials at the Ministry of Mines, quoted by Reuters, the objective is to enable more effective use of mineral-rich territories by allowing other companies to step in.

For companies impacted by the permit withdrawals, legal recourse remains an option. Industry legal experts suggest that affected firms can appeal to the mining administration or pursue national or international litigation. In the absence of appeals, the vacated permits could be placed back on the market via tenders, particularly as investor interest in Guinea’s mining sector continues to rise.