Guinea bans raw gold exports to boost local refining capacity
Guinea's transitional government announced on Monday a ban on raw gold exports, citing the country's status as one of Africa's largest producers, with the measure aimed at building domestic refining capacity and lifting state revenue share.
Guinea's transitional government announced on Monday that raw gold exports will be fully banned from 1 September 2026. The measure targets the country's annual output of 65 tonnes; roughly 90% of current production currently leaves the country unprocessed.
Mines and Geology Minister Bouna Sylla said that « this is a strategic step to keep the economic benefit of our natural resources inside the country. » The government also said a new state-backed gold refinery was being built near Conakry, with first-phase capacity of 25 tonnes a year. Transitional leader Mamadi Doumbouya endorsed the move personally.
International miners Endeavour and Nordgold will be the first affected; both said in statements they would comply with the measures. Gold spot prices climbed $8 per ounce on the news to $2,785. Mali and Burkina Faso are among other West African countries that have taken similar steps in the past three years.
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