Guinea Mines Ministry Launches Web Site For Titles, Contracts

By Alex MacDonald

LONDON--Guinea's Ministry of Mines Friday officially launched a new website to inform its citizens, investors and other stakeholders about the review process of mining titles and contracts in a bid to improve transparency and accountability.

The ministry said the most important feature of the website would be easy accessibility to all existing mining conventions, amendments or other related legal documents by category, project or keyword.

"The website is the result of months of work, the outcome of a fruitful collaboration between the Government of the Republic of Guinea, mining companies, Guinean and international civil society organizations, with the support of the World Bank Institute and the Revenue Watch Institute," said Nava Toure, President of the Technical Committee for the Review of Mining Titles and Conventions.

Projects listed on the registry include the two massive iron ore projects being developed by Rio Tinto (RIO) and Vale SA (VALE) respectively in consortium with their partners. Rio has partnered with Aluminum Corp. of China Ltd. (ACH) and the International Finance Corp. while Vale has partnered with privately owned BSG Resources Ltd.

It also includes a bauxite project being developed by Russia's United Co. Rusal PLC (0486.HK), which would be able to produce 3 million metric tons annually of the ingredient used to make aluminum from 2016.

The Guinean government adopted a new mining code in September 2011 and in January 2012 began the systematic review of all existing mining contracts to make sure they comply with the code and international best practice. The website is part of its plan to increase transparency and accountability within the mining sector.

The mining sector accounts for 20% of Guinea's gross domestic product and it holds about two thirds of the world's bauxite. It is the world's fifth largest bauxite producer, according to a mining ministry presentation.

The website is www.contratsminiersguinee.org

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