The Guinean government has introduced a new procedure for the export of refined gold and associated metals, as part of efforts to improve regulation and oversight in the sector. The new procedure, outlined in a decree read on national television, assigns a central role to the Guinean Office for Expertise of Gold, Diamonds, and Other Precious Materials (OGE) in processing export applications. The decree was proposed by the Minister of Mines and Geology.
To export refined gold or associated metals, companies must submit a written request to the OGE, including details such as the weight of the goods, certification of refining or processing, and information on the planned export, including date, time, airline, flight number, and destination. The request is only valid if the gold and associated metals have been refined or processed at an approved refinery in Guinea. Applicants must also provide proof of tax registration, a valid tax clearance certificate, and documentation establishing the legitimate origin of the gold.
The OGE will verify the completeness of the application and notify the Central Bank of the Republic of Guinea (BCRG) and the General Directorate of Customs (DGD) in writing. The decree stipulates that the gold and associated metals must be weighed, packaged, and sealed at the refinery in the presence of the applicant, representatives of the customs, the precious metals anti-fraud brigade, the BCRG, and other relevant services.
After packaging and sealing, the goods will be escorted to the airport or stored in a secure facility at the refinery, with a maximum storage period of 15 days. Exporters must also pay applicable taxes before the goods can be exported. The tax on industrial or semi-industrial production of gold and associated metals will be calculated based on the weight and purity of the refined metal.
The decree also imposes new obligations on approved refineries, which must transmit their refining or processing reports to the OGE, BCRG, General Directorate of Customs, and the National Geology Laboratory. These reports must include information on the company, origin of the gold, quantities received and processed, and other relevant details.
The new procedure aims to increase transparency and control in the sector, with multiple agencies involved in the process, including the OGE, BCRG, DGD, and anti-fraud brigade. An interministerial order will establish the fees for the services provided during the control, certification, conservation, marketing, and export of refined gold and associated metals.
The Minister of Mines, the Minister of Finance and Budget, and the Governor of the BCRG are responsible for ensuring the implementation of the new procedure. The decree is part of the government's efforts to improve regulation and oversight in the mining sector, and to increase revenue from the country's natural resources.
Key points
- The new procedure assigns a central role to the Guinean Office for Expertise of Gold, Diamonds, and Other Precious Materials (OGE) in processing export applications.
- Exporters must pay applicable taxes before the goods can be exported, and provide proof of tax registration and a valid tax clearance certificate.
- The decree imposes new obligations on approved refineries, which must transmit their refining or processing reports to multiple agencies.
