Guinea adopts new mining code boosting state share

[Robb]

Source: Reuters (Africa)

CONAKRY (Reuters) - Guinea's parliament adopted a new mining code that more than doubles the share the West African state can take in mining projects to 35 percent and toughens procedures for acquiring development permits, the government said on Saturday.

The changes, detailed in a February draft of the code published by Reuters in April, are aimed at boosting the country's share of its vast minerals wealth while providing clarity on the country's laws to investors.

But mining companies lobbied hard against the changes arguing they would undercut their profitability and lead to reduced investment.

Read more: http://af.reuters.com/article/investingNews/idAFJOE7890C920110910?feedType=RSS&feedName=investingNews

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Africa's biggest success story, maybe. Guinea is sitting on perhaps half the world's bauxite reserves (where you get aluminum), and this represents a potential massive influx of public money that, if properly allocated, will do a lot towards boosting the country's economy.

[ShockediSay]

1. Why boost the country's economy at the expense of Big Corporate Money

flowing into the Billionaire Bosses pockets?

[AlecBGreen]

2. the real question is...

Why do Guineans hate freedom? </sarcasm>