Guinea President will take over the control of Soguipami for better management of the bauxite sector

The office of Guinean President Alpha Conde has announced that the President will take command of Societe Guinneenne du Patrimoine Minier, known by its French acronym Soguipami, from the mines ministry.

Soguipami or the Guinean Heritage Mining Company is a public limited company owned by the Guinean State. The company is responsible for: 

    Managing state holdings in mining companies and mining permits
    Marketing and transportation of mining products
   Managing government's negotiations on contracts between the State and the mining   companies
    Development of mining infrastructures

 

Assuming oversight of the Guinea’s state-owned mining company will offer the President more authority over the country’s holdings in some of world’s biggest bauxite deposits. Soguipami holds a 49% stake in Compagnie des Bauxites de Guinee or Guinea Bauxite Company (CBG) and 10% stake in Societe Miniere de Boke or SMB Winning Consortium.

President Conde decided to have more control over Guinea’s mining holdings after the West African nation overtook Australia as the largest supplier of bauxite to China. Guinea contributed about 50% of China’s bauxite import in 2018.

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