Mining code amendments briefing in London on 12 June 2013
- Seeks to encourage investment in Guinea and local processing of minerals
- Encourages long-term investment and growth within Guinea
- Promotes responsible investment practices and transparency in mining industry
In the lead up to the G8 Summit (17-18 June 2013), the ‘Invest in Guinea’ initiative is organising a briefing in London on 12 June 2013 to promote the country’s mining code amendments, announced on 10 April 2013. This is particularly timely given the focus of this year’s G8 on open governments to support free trade and encourage greater transparency and accountability.
The West African nation has large mineral deposits, including two thirds of the world’s bauxite reserves, alongside iron ore, diamonds, gold and uranium. Under the presidency of Alpha Condé, the mining industry has become subject to a rigorous push to clean up corruption and mismanagement, with a focus on promoting transparency and international investment.
In April, Guinea ratified new amendments to the Mining Code in order to attract win-win investments and ease tax restrictions, sending a positive signal to investors and industry analysts. This has been decided by the Guinean Government after consultation with the business community and international economic partners such as the International Monetary Fund.
The objective of the new Mining Code amendments is to strengthen the competitiveness of Guinea in world commodity markets, and align the West African country with international-standard best practices while addressing the concerns of profitability of the investors as well as taking into account the long term economic development and wellbeing of the Guinean communities.
“We have put in place a more flexible tax system to promote win-win investment,” commented Mohamed Lamine Fofana, Guinean Minister of Mines on 10 April when the new amendments were ratified. “It is also a sign that Guinea can adapt to the global economy. Our mining industry will become more attractive and competitive, and will fully play its role as an engine of economic development of Guinea.”
An initiative of the Guinea Government, ‘Invest in Guinea’ is hosting the briefing to introduce the new mining code to international audiences and bring investors and journalists together to learn more about the benefits of the new code amendments and their role in encouraging long term sustainability within the investment landscape of Guinea through full accountability and transparency of responsible investment practices.
Notes for Editors
About President Alpha Condé
Alpha Condé is the first democratically elected President of the Republic of Guinea. The first free and democratic presidential elections of 2010 marked an important date in Guinea’s history, allowing the West African country to initiate a democratic transition and begin to stabilise after more than 50 years of authoritarian rule and a military junta.
An historic opposition figure, defender of human rights and freedom, President Alpha Condé was imprisoned and exiled under the authoritarian regimes that have controlled Guinea since its independence from France in 1958. A former President of the Federation of African students in France (FEANF), a Doctor of Law and Professor at the Faculty of Law and Economic Sciences at the Sorbonne (Paris), President Alpha Condé has dedicated his life to establish a pluralistic democracy in Guinea, and to the defence of rights and freedom. Since his election in 2010, Guinea has undertaken a profound transformation. In just two and a half years, President Alpha Condé has successfully reformed the army, strengthened the rule of law, committed a priority fight against corruption and impunity, and restored the freedom of expression, opinion and demonstration.
President Alpha Condé has also implemented a series of reforms to modernise Guinea, boost the economy and improve the living conditions of its citizens. In just two and a half years, Guinea has made significant progress leading to the stabilisation of its economy and to growth (4.8% in 2012; Guinea ranked in Tier 1 of Global growth by JP Morgan). Since 2010, the Government has reduced the deficit from 13% to 2%, reduced external debt, stabilised the currency, reduced inflation from 23% to 13% and significantly increased customs revenues. Priority reforms to strengthen the mining sector and improve the investment climate have also been initiated. The current revitalisation of the mining sector, which was marked by years of stagnation, mismanagement and corruption, is highly strategic for Guinea. The Government’s goal is to transform the mining potential into better living conditions for the people of Guinea.
About ‘Invest in Guinea’
The ‘Invest in Guinea’ initiative seeks to foster win-win partnerships and dialogue encouraging economic growth and direct foreign investment in Guinea through a series of briefings and events open to investors, analysts and other interested parties within the business world. By encouraging greater transparency and accountability, under the presidency of Alpha Condé, the mineral-rich West African country has seen a series of reforms, including a reduction in public deficit from 12.6% of GDP in 2010 to 2.5% in 2012, along with a drop in inflation from 21% to 12% in the same years. Adhering to international-standard best practices, ‘Invest in Guinea’ supports long term economic development and sustainability of projects, with the interest of Guinea’s local communities at the forefront.
The ‘Invest in Guinea’ initiative was launched at WEF in Davos in January 2013 where President Alpha Condé was invited to promote transparency and win-win, long-term investments to drive national growth and use the huge natural resources to improve Guinean people’s life. In addition to the Mining Code Briefing of 12 June 2013 in London, previous events include a series of trips abroad (including South Africa in February, the USA in March and the UAE in April) to promote the attractiveness of the Guinean economy and its potential in the mining sector, agriculture, energy and infrastructures.
For further information and high-resolution images please contact:
Neha Desai | Media Relations | Curzon PR
t: +44 (0)20 73992438
