The Government of Guinea embarked on a process of liberalization designed to attract foreign partners for mining projects in 1986, with the adaptation of a new Minerals Code (Ordonnance No. 076/PRG) on March 21, 1986 covering "All operations involving the purchase, sale, import, or export of mineral or fossil substances [except liquid or gaseous hydrocarbon resources], in a crude state or as ore, and all operations involving conditioning, treating, refining, or processing - including the making of metals and alloys and primary derivatives or concentrates of these mineral and fossil substances."
As a further step, in 1992, the Government of Guinea promulgated a policy of liberalization in the sector, allowing wholly private mining ventures. Since then, several private groups have obtained licenses for exploration and exploitation, and artisanal mining has expanded greatly. Although the government currently still retains a major interest in previously existing bauxite and diamond mining operations, ranging from 49 percent to 51 percent, it is investigating options for divestiture. No law has as yet codified these changes, however, and mining convention negotiations are still oonducted on a case-by-case basis.
There is some optimism in Conakry that Guinea contains exportable reserves of petroleum in or near its continental shelf. To oversee the potential development of such resources Guinea adopted a Petroleum Code (Ordonnace No. 168/PRG) on September 23, 1986 governing exploration and development of hydrocarbons within Guinean territory. Code provisions follow closely those of the 1986 Minerals Code though a separate Ministry is assigned bureaucratic responsibility.
In 1992 and 1994, two major foreign mining companies declared a halt in their operations and imminent withdrawal from Guinea. Each cited structural flaws in Guinea's investment climate and lack of transparency in operations that seriously jeopardized their operations.
Another pending project, the exploitation of very high grade iron ore at Mt. Nimba on the Liberian border, continues to await resolution of the Liberian civil war.
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