Guinea Orders Gold Producers to Refine Metal in Conakry as Export Clampdown Deepens
Updated
Updated · Bloomberg · Jun 24
Guinea Orders Gold Producers to Refine Metal in Conakry as Export Clampdown Deepens
3 articles · Updated · Bloomberg · Jun 24
Summary
Guinea's leader has told gold producers operating in the country to process their output at a new refinery in Conakry, shifting a key step of the gold trade onshore.
The order is aimed at capturing more value from Guinea's gold production rather than letting that margin accrue abroad through exports of unrefined metal.
It also tightens the government's broader clampdown on gold exports, signaling a push for greater state control over how the country's mineral wealth is handled.
The move fits a wider African trend of resource-rich governments demanding more local processing to keep jobs, revenue and industrial activity at home.