Guinea plans to
boost its stake in mining projects to at least a third, its newly
elected president said, a move that could rattle some of the world’s
biggest mining companies.
Rio Tinto and RUSAL
have multi-billion dollar bauxite operations in the West African state,
while Vale, Chinalco and others have planned major investments in iron
ore.
“There will be
three to five difficult months, since we’ve decided not to renegotiate
contracts but instead to define a new mining policy that will give
Guinea at least a third,” President Alpha Conde told reporters on
Sunday in Burkina Faso.
