CONAKRY, June 30 – Guinea is stepping up plans to become a regional gold refining hub as West African countries move to process more of their gold at home instead of exporting it for refining overseas.
Mines Minister Bouna Sylla said the country’s goal is to build a competitive refining industry that keeps more value within the local economy while supporting wider regional demand.
The move follows President Mamady Doumbouya’s decision last week to ban the export of raw gold with immediate effect as Guinea looks to earn more from its mineral resources.
Sylla said Guinea has built one of Africa’s largest gold refineries, with enough capacity to process gold produced across West Africa. According to Bangaly Steve Toure, deputy head of Guinea’s Mining Investment Fund, the $30 million refinery will initially process 530 metric tons of gold each year before increasing to 733 metric tons at full capacity. Commercial operations are expected to begin in July once final approvals are completed.
Guinea joins countries such as Ghana, Mali and Burkina Faso, which are also expanding domestic refining capacity to capture more value from their gold industries.
The country produced about 2.32 million ounces of gold last year, worth around $7 billion. However, Sylla said Guinea currently keeps less than 1% of that value within its economy.
Industrial gold production in Guinea is led by AngloGold Ashanti and Nordgold, while West Africa produced an estimated 11 million ounces of gold in 2025.
Guinea is also preparing new rules to encourage local refining and plans to formalise artisanal gold mining while improving traceability by 2026. The refinery, developed through a public private partnership, is part of the country’s wider plan to expand local mineral processing and strengthen downstream industries.
