The Guinean government has established a new procedure for exporting refined gold and associated metals, as announced by the Minister of Mines and Geology on October 2nd. The new procedure, made public through the national television, designates the Guinean Office of Expertise for Gold, Diamonds, and Other Precious Materials (OGE) as the central authority in handling export applications.
According to the decree, any authorized individual or company wishing to export refined or affined gold or associated metals must submit a written request to the OGE. The request must include details such as the package receipt, evaluation, and certification of origin before export. The application is only valid if the gold and associated metals have been previously refined or affined by an approved refinery installed in the Republic of Guinea.
The application file must comprise several documents, including the weight of the goods, the refining or affining certificate, assay reports before and after treatment, as well as information related to the export, such as the planned date and time, airline, flight number, and final destination. The exporter must also provide their tax registration certificate, up-to-date tax clearance, and any document establishing the licit origin of the gold and the regularity of the refining or affining process.
Upon receipt of a complete application, the OGE must notify the Central Bank of the Republic of Guinea (BCRG) and the General Directorate of Customs (DGD) in writing to ensure the export process. The decree stipulates that the gold and associated metals must be weighed, packaged, and sealed directly at the refinery in the presence of the applicant or owner, as well as representatives of the Customs, the Precious Materials Anti-Fraud Brigade, the BCRG, and concerned services.
The decree also emphasizes the obligation for exporting companies to pay applicable taxes before leaving the territory. The industrial or semi-industrial production tax on gold and associated metals is liquidated after assay, based on the weight and content of the refined or affined metal. The reference used is the afternoon fixing, London time. Rights, taxes, and fees must be liquidated and paid before export.
The new procedure also imposes new obligations on approved refineries, which must transmit their refining or affining reports to the OGE, BCRG, General Directorate of Customs, and the National Geology Laboratory. These reports must include information such as the company's identity, origin of the gold and precious metals, quantities received and treated, title obtained, and any technical losses.
The implementation of this new procedure aims to strengthen the traceability of refined gold and associated metals, as well as to prevent fraud and tax evasion. The decree tasks the Minister of Mines, the Minister of Finance and Budget, and the Governor of the BCRG with ensuring its application.
Key points
- The Guinean government has introduced a new procedure for exporting refined gold and associated metals.
- The procedure designates the Guinean Office of Expertise for Gold, Diamonds, and Other Precious Materials (OGE) as the central authority in handling export applications.
- The new procedure aims to increase control and transparency in the industry, preventing fraud and tax evasion.
