The Guinean government has introduced new regulations for the gold sector, aiming to increase local value addition and transparency. The Ministry of Mines and Geology has issued two decrees, one requiring gold producers to refine their output locally and the other introducing a national tracing system. The regulations are designed to ensure that gold produced in Guinea is refined locally, creating jobs and generating revenue for the country.
Under the new regulations, all gold produced from industrial, semi-industrial, and artisanal mines must be transported to licensed refineries in Guinea. This move is intended to capture the value added from gold refining and ensure that miners' rights are protected. The government has also established a national tracing system, known as the Plateforme Intégrée Nationale de Traçabilité de l'Or (PINTO), to track gold from mine to market.
The PINTO system will assign a unique identifier to each batch of gold extracted, allowing for tracking throughout the supply chain. The system aims to prevent smuggling and ensure that gold is sourced responsibly. To access the Guinean gold market, companies must adhere to OECD and London Bullion Market Association (LBMA) guidelines on responsible sourcing.
The new regulations also introduce a strengthened institutional governance framework. The technical management of PINTO has been assigned to the Office Guinéen d'Expertise, d'Évaluation et de Certification (OGED), under the supervision of an inter-institutional steering committee. The committee, chaired by the Secretary General of the Ministry of Mines, brings together key regulators, including the Central Bank, customs, and anti-fraud agencies.
The introduction of the new regulations is expected to have a significant impact on Guinea's gold sector. The country's gold production has been growing in recent years, but the lack of local refining capacity has meant that most of the gold has been exported without generating significant revenue for the country. The new regulations aim to change this by requiring local refining and increasing transparency in the sector.
Industry stakeholders are expected to adapt to the new regulations, which will require significant investment in local refining capacity and tracing systems. The government has not specified a timeline for implementation, but it is expected that companies will be given a reasonable period to comply with the new regulations.
The Guinean government's move to regulate the gold sector is part of a broader effort to increase transparency and accountability in the country's extractive industries. The introduction of PINTO and the requirement for local refining are expected to increase revenue for the country and improve the livelihoods of local communities.
Key points
- The Guinean government has introduced new regulations requiring gold producers to refine their output locally and implement a national tracing system.
- The regulations aim to increase local value addition, transparency, and accountability in the gold sector.
- The new tracing system, PINTO, will track gold from mine to market, preventing smuggling and ensuring responsible sourcing.
