• Axis Minerals files $28.9 billion arbitration claim against Guinea

• Dispute follows Guinea’s revocation of dozens of mining permits

• Case highlights tensions over bauxite policy and domestic processing push

Guinea is facing a new arbitration claim after revoking dozens of mining permits earlier this year, with Emirati firm Axis Minerals seeking $28.9 billion in damages.

The company, founded by Indian businessman Pankaj Oswal, said on Monday, December 29, that it had initiated arbitration proceedings against the Guinean state.
It added that it had filed a claim on Dec. 25 with the World Bank’s International Centre for Settlement of Investment Disputes (ICSID), though the case had not yet appeared on the ICSID website at the time of publication.

The company said it was acting under a 2011 bilateral investment treaty between Guinea and the United Arab Emirates and Guinea’s 1995 investment code, adding that its efforts to resolve the dispute through negotiations with the government had failed.

Axis said Guinean authorities unlawfully withdrew its mining licence for what it says is the country’s second-largest bauxite operation, which exported 16 million tonnes between January and May 14, 2025, when Conakry announced the permit revocation.

The Guinean government accused Axis Minerals Resources, the company’s local subsidiary, of failing to meet its contractual obligations, a justification it has cited in dozens of other permit withdrawals. Axis disputes the claim, saying it has operated the mine since 2020 and invested more than $250 million.

“So the purported justification for terminating the mining permit – that the mine was not operating, that it was underutilised – is not based on reality,” said Gunjan Sharma, a lawyer representing Axis. “Guinea is liable for the entire amount of damages caused by its knowingly unlawful acts.”

The arbitration process could take several years if the parties fail to reach a settlement. Axis has separately announced a $1 billion arbitration claim against Guinea in New York.

Another company affected by the permit revocations, Emirates Global Aluminium (EGA), has also threatened legal action. The Guinean government has criticised EGA for delays in plans to build an alumina refinery.

Guinea, the world’s largest bauxite exporter, shipped 145 million tonnes in 2024 and is pressing miners to process the ore domestically. While EGA disputes the reasons for its permit withdrawal, it is in talks with the government on a possible agreement, sources familiar with the matter told Reuters in mid-December. The discussions could involve sourcing bauxite from the state mining company, which now holds EGA’s former licences.

Emiliano Tossou