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US, Guinea partner on mining sector transparency

Keywords: Tags  Alpha Condé, Guinea mining, bauxite, iron ore, mining transparency, extractive industries, mining, Michelle Madsen

LONDON — The United States and several other countries have agreed to work with the West African country of Guinea to improve transparency in its extractive industries.

The move is part of an initiative in which several Group of Eight (G8) member states will partner with countries in the developing world to improve information about the sale of extractives.

G8 members have proposed tightening oversight by requiring companies to disclose all payments they make to foreign governments.

Guinean president Alpha Condé is also pushing through sweeping reforms of the country’s mining industry, including a review of contracts granted under previous regimes.

Guinea is one of the world’s largest producers of bauxite and holds some of the highest-grade untapped iron ore reserves. Mining makes up about 80 percent of export revenue and 20 percent of gross domestic product.

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