Guinea's Minister Director of the Presidential Cabinet and President of the Simandou Strategic Committee, Djiba Diakité, has reassured investors that the country's Simandou project will be managed with a focus on creating local value and ensuring national sovereignty. Speaking at the Simandou Mining Summit, Diakité emphasized the government's commitment to transparency and collaboration with investors. He highlighted the need for partnerships that are mutually beneficial and driven by a spirit of collective intelligence.
Diakité outlined the government's vision for the Simandou project, which involves the development of a new mining and infrastructure hub in Guinea. The project aims to create jobs, stimulate local economic growth, and increase the country's revenue through the exploitation of its natural resources. The minister emphasized that the government's approach is centered on mutualization of infrastructure and co-development, with the goal of building winning partnerships.
The Simandou project has undergone a change in strategy, as outlined by President Mamadi Doumbouya in 2022. The new approach focuses on collaboration between Guinean and international partners, with a view to creating a diversified economy. Diakité cited the example of the Compagnie du TransGuinéen (CTG), a partnership between Western and Asian investors that shares costs, risks, and infrastructure. The government has a significant stake in the project, owning at least 15% of the railway, ports, and future steel plant.
Diakité emphasized the importance of local content and the development of Guinean expertise in the mining sector. He announced plans to establish the Simandou Academy, which will provide training for engineers, technicians, and entrepreneurs. The minister stressed that the government's priority is not only to exploit the country's natural resources but also to create sustainable economic growth and jobs for Guinean citizens.
The government has set out to create a sovereign wealth fund that will manage the revenue generated from the Simandou project. Diakité assured investors that the fund will be used to benefit future generations and support key sectors of the economy. He also emphasized the importance of transforming local resources rather than exporting them in their raw form, highlighting the government's commitment to creating value within the country.
Diakité outlined three key commitments on behalf of the Simandou Strategic Committee. These include the effective implementation of agreements with partners, transparency and visibility around project priorities and timelines, and the development of local human capital. He called on investors to make serious, sustainable, and responsible investments that respect Guinean laws and regulations.
The minister concluded by emphasizing the importance of concrete actions and partnerships. He expressed his hope that the summit would lead to tangible outcomes, including projects, jobs, and economic growth. Diakité invited investors to join Guinea's long-term vision, which aims to create a diversified and sustainable economy by 2040.
Key points
- The Simandou project aims to create local value and ensure national sovereignty through a focus on local content and economic diversification.
