Axis Sues Guinea for $29B
UAE-based miner Axis International files $28.9 billion claim against Guinea
This article is an AI-generated summary of content originally published by:
Mining.comAccording to a report by Mining.com, Axis International has filed a $28.9 billion arbitration claim against Guinea at a World Bank tribunal. The UAE-based bauxite producer claims that Guinea unlawfully revoked its mining permit earlier this year, as part of a wider crackdown on mining licences under President Mamadi Doumbouya's military government. Axis alleges that the revocation was not based on reality, citing its operational bauxite mine in Boffa, which has exported 18 million tonnes in 2024 with proven reserves exceeding 800 million tonnes. The company also claims that authorities seized its equipment and froze its bank accounts. Guinea holds the world's largest bauxite reserves, making this dispute significant for the mining industry.