Guinea mining industry: Authorities freeze bank accounts of mining companies

Guinea’s military government has revoked over 50 unused mining licences in a bid to combat speculative holdings and attract committed investors. The move targets foreign firms sitting on untapped mineral reserves while failing to deliver local benefits or development. With the country’s vast bauxite reserves largely exported for global manufacturing, the junta aims to renegotiate terms to prioritise Guinean participation in supply chains. Sanctioned and cash-strapped, Guinea now turns to Russian and Chinese partners to build infrastructure previously neglected by Western companies. Analysts warn that compliance with local content rules will determine future access to resources. The crackdown reflects wider African resource nationalism, as governments seek greater control over mineral wealth. Yet lasting economic transformation remains uncertain without equitable distribution mechanisms. Al Jazeera’s Nicolas Haque reports from Dakar. Subscribe to our channel: http://bit.ly/AJSubscribe Follow us on X: https://twitter.com/AJEnglish Find us on Facebook: https://www.facebook.com/aljazeera Check our website: http://www.aljazeera.com/ Check out our Instagram page: https://www.instagram.com/aljazeeraenglish/ Download AJE Mobile App: https://aje.io/AJEMobile #Guinea #GuineaMiningLicences #MiningLicences #GuineaResourceNationalism #Bauxite #AfricanMining #GuineaForeignInvestors #Russia China #GuineaEconomicSovereignty #AlJazeeraEnglish