The Guinea government has officially opened its first gold refinery, Nimba Gold Refinery (NGR), in Conakry. This development comes months after the country announced a ban on exporting raw gold. The refinery is expected to help the country retain a larger share of the value generated from its gold resources. The inauguration was attended by the Minister of Mines, Bouna Sylla, who highlighted that Guinea has been exporting gold in its raw form for centuries.
The Nimba Gold Refinery has a capacity to refine 733 tonnes of gold annually, making it the largest gold refinery in Africa. The refinery's operations are expected to significantly boost Guinea's gold industry. President Mamadi Doumbouya had announced the refinery's construction in June, along with the ban on exporting raw gold. The ban aims to encourage local processing and maximize the country's benefits from its gold resources.
Guinea produced approximately 70 tonnes of gold last year, with 20 tonnes coming from industrial and semi-industrial mines, and the remaining 50 tonnes from informal artisanal mining. The government aims to refine 30% of the country's gold production locally. However, a significant portion of artisanal gold production still evades authorities' control, often being smuggled to neighboring countries like Mali before being exported.
The inauguration of the Nimba Gold Refinery is part of Guinea's strategy to transform its mineral resources locally. The country is rich in various minerals, including bauxite, iron, diamonds, and uranium. By refining gold locally, Guinea joins other West African countries, such as Burkina Faso, which inaugurated its first gold refinery in September.
The Minister of Mines, Bouna Sylla, emphasized that Guinea previously only benefited from a small fraction of the wealth generated by its gold resources. The new refinery is expected to change this by providing a more significant share of the value added to the country's economy. The refinery's operations will also create jobs and stimulate economic growth.
Oumar Totiya Barry, director of the Guinean Observatory of Mines and Metals, noted that a substantial portion of artisanal gold production bypasses official channels. He suggested that some of this gold is smuggled to neighboring countries, highlighting the challenges the government faces in controlling informal mining activities.
The inauguration of the Nimba Gold Refinery marks a significant milestone in Guinea's efforts to develop its gold industry and maximize the benefits from its natural resources. The refinery's operations are expected to have a positive impact on the country's economy and contribute to its growth and development.
Key points
- The Nimba Gold Refinery has a capacity to refine 733 tonnes of gold annually.
- Guinea produced approximately 70 tonnes of gold last year.
- The government aims to refine 30% of the country's gold production locally.
