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Tuesday 22 June 2021
HomeAfricaCanadian investors 'to bail out' Guinean mining sector

Canadian investors ‘to bail out’ Guinean mining sector

Investors from 19 Canadian companies Wednesday in Conakry promised to invest US$30 billion to bail out the Guinean mining sector, according to Guinea’s national television station.

The promise was made after the investors met with President Alpha Condé.

The Canadians, who previously met with President Conde when he visited Quebec, Canada, to attend a meeting with North American investors, said the amount would be invested at the rate of  US$3 billion over 10 years.

They also promised to invest in the energy and infrastructure sectors, which has attracted the attention of investors from Asia, Africa, America and Europe.

Canadian investors are already operating in the mining sector, particular in gold, iron and bauxite mines.

Guinea is one of the countries with the largest deposits of the three minerals in the world.

The Guinean government recently adopted a new mining code which grants the government a 15% equity in mining firms

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