Overview

The sector with the most potential is mining.  Bauxite, iron ore, gold, and diamond mining represent key markets for Guinea and are relatively well developed with tens of foreign companies actively producing and exporting minerals.  In addition to these resources, Guinea has commercially viable quantities of graphite, manganese, nickel, and uranium, though many of these deposits have not yet been exploited commercially.   In 2021, Guinea exported just over USD 4.3 billion of bauxite (85.7 million tons @ USD 50/ton), and USD 5.8 billion of gold (3,281,600 oz. @ USD 1,792/oz.).  Large amounts of high-quality iron ore remain unexploited due to the logistical difficulty of transporting ore to ports.  Two new iron ore projects at Simandou and Mount Nimba are likely to begin exporting within the next five years once the mining sites and associated rail lines have been completed.  Under the auspices of the Transguinean Company, created in July 2022, rail infrastructure across Guinea and a new deep-water port are planned to export iron ore from the Simandou project. A rail connection to the Liberian port of Buchanan is envisioned to export Nimba’s reserves.

* One project on technical stand by.

** Two semi-industrial projects.

*** All three projects are on technical stand by.

Leading Sub-Sectors

Guinea boasts 23 percent of the world’s reserves of bauxite, the world’s largest and became the second largest bauxite exporter after Australia since 2019.  Historically, most of the country’s bauxite was exported by Compagnie des Bauxites de Guinee (CBG) (Bauxite Company of Guinea) via a designated port in Kamsar.  CBG is a joint venture between the Government of Guinea, U.S.-based Alcoa, the Anglo-Australian firm Rio Tinto, and Dadco Investments.  While CBG still retains the largest reserves, the Societe Miniere de Boke (SMB) (Mineral Company of Boke), a Sino-Singaporean conglomerate, recently surpassed CBG as the largest single producer of bauxite.   Bauxite mining is a growth industry, with new companies opening concessions and expanding existing operations.  Additionally, and linked to the success of mining developments, road and railroad construction is a potentially lucrative market in the future.  That said, most recent large road construction contracts were awarded to politically well-connected Guinean or Chinese construction firms under former President Conde’s regime.   

Bauxite

Total market size = ((total local production + imports) - exports), units: $ millions

Source

* Total exports calculated as (total export in millions tons) x (USD 50/ton) = total exports.

** As of December 31, 2019, December 31, 2020, December 31, 2021, and August 2, 2022.

Note:  U.S. customers recently placed heavier emphasis on importing calcined (processed) rather than crude bauxite, resulting in a significant drop in Guinea’s bauxite exports to the United States. 

Opportunities

There are opportunities for exporting machinery and equipment to Guinea, particularly in the mining sector.  Several mining companies are in the early exploration or construction phases of their contracts and will likely look to make substantial investments in machinery and construction equipment in the upcoming years.  Additionally, new hotels, office buildings, and road construction in and around Conakry offer opportunities for machinery and equipment sales.

Resources

• • Guinean Ministry of Mines
  • Guinea Ministry of Mines - Mining Cadastre
  • 2013 Mining Code
  • Guinean Investment and Public Private Partnerships
  • Guinean Employment Promotion Agency (AGUIPE)
  • Natural Resources Governance Initiative - Guinea
  • Petroleum and Mining Contracts - Guinea
  • Extractive Industries Transparency Initiative - Guinea