Overview
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Republic of Guinea
- Gained independence from France in 1958.
- Guinean law is based on the French civil law system, the official language is French.
- Democratic elections last held on June 27, 2010 resulting in the election of His Excellency Professor Dr. Alpha Condé, who is a past professor of political science at the University of Paris.
Economy
- The economy is dependent on agriculture and mining.
- Bauxite and alumina are at present the only major exports.
- Iron ores are expected to become a major export product during the next few years.
- Gold and diamonds are also found within Guinea.
- Offshore exploration is underway for oil.
Population
- The population of Guinea is approximately 10 million.
- There are 24 ethnic groups but three dominate:
the Malinké, the Fula, and the Susu.
Mining in Guinea
- Revised Mining Code was adopted in 2011.
- Exploration Licences will be owned 100% by the entity.
- Mining Licences include a Government 15% carried interest and the option to purchase an additional 20%.
- Guinea has between 15-20 Billion dollars of foreign investment going into development of infrastructure to service mining activities.
- Guinea is slated to produce over 10% of the world’s Iron ore.
- Guinea is the world’s largest producer of bauxite with an estimated 25-50% of the world’s reserves.
- Guinea exports 60 million tonnes of bauxite annually.
- Gained independence from France in 1958.
Video – Focus Guinea
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