Guinea launches new gold refinery

Guinea inaugurated its first national gold refinery, the Nimba Gold Refinery, on Sunday, November 1, as part of efforts to refine gold locally and reduce the export of raw gold. The facility, located in the capital, Conakry, is designed to process up to 733 tons of gold per year and produce pure gold bars.

New regulations for gold refining

The government aims to use the refinery as a central element in implementing a new regime requiring local refining of gold, from artisanal miners to large mining companies. Before the refinery's commissioning, the government established a 90-day transitional period in July, during which producers could continue exporting raw gold to foreign refineries while preparing to comply with the new measure.

Negotiations with mining operators

Negotiations have been launched with operators of industrial and semi-industrial mines to organize their participation in the scheme. In early October, the government stated its intention to have the Central Bank acquire, on behalf of the state, a share that could reach 30 percent of the gold production of these operators.

Industry responses to new rules

PDI Gold, which operates the Kiniéro gold mine and develops the Bankan project, had indicated in late July that it would actively collaborate with the authorities to "facilitate a practical and orderly transition to the new regime." The company stated that the transitional period was to end on October 6, 2026, and that it was studying the possibility of "developing its own on-site refining activities" to meet the minimum purity threshold of 95.5 percent required before export.

AngloGold Ashanti's position

AngloGold Ashanti, which operates Siguiri, the country's largest industrial gold mine, emphasized the continuation of dialogue with Guinean authorities. The company's CEO, Alberto Calderon, stated that the group shows confidence in its ability to adapt to these new regulatory constraints, given its experience with local refining requirements in Ghana.

Gold export figures

According to official data, the country exported 2.33 million ounces of gold (about 72 tons), of which 641,275 ounces came from industrial mines and 103,692 ounces from semi-industrial mines.