Guinea has opened its first industrial gold refinery in Conakry, with a processing capacity expected to reach 733 tonnes a year under new regulations requiring gold to be refined locally before export.

President Mamadi Doumbouya inaugurated Nimba Gold Refinery on November 1, 2026, at Cité de l’Air in the Gbessia district. Prime Minister Amadou Oury Bah and Mines and Geology Minister Bouna Sylla attended the ceremony.

The facility is designed to produce bullion with a purity of up to 99.99% and exported its first batch of locally refined gold bars a few weeks earlier, on October 9.

Gold Exporters Face New Requirements

The government announced its domestic refining policy on June 19, following a meeting between Doumbouya and representatives of industrial mines, semi-industrial operators, artisanal producers, and gold trading businesses.

A presidential decree signed on July 8 subsequently introduced compulsory local refining and gave exporters 90 days to comply. That period ended on October 6.

The decree defines raw gold as material with a purity below 99.5%, including doré, concentrates, ore, and alloys. Guinea-produced gold must now be processed at a government-licensed refinery before it can be exported.

Exporters must submit nine documents, including certificates of origin and analysis, a commercial invoice, customs declaration, proof of bank registration, and an export permit from the Minister of Mines and Geology. A compliance certificate is also required from the Office Guinéen d’Expertise de l’Or, du Diamant et autres Matières Précieuses.

Companies that breach the regulations risk having their gold seized or their export authorizations suspended. The decree also allows for the suspension or withdrawal of special authorizations under Guinea’s Mining Code.

Mining companies retain ownership of their refined gold unless a separate written agreement provides otherwise. Refiners charge processing fees agreed with their customers.

Refinery Capacity Exceeds Guinea’s Annual Gold Exports

The Nimba Gold Refinery is expected to handle 530 tonnes annually initially, increasing to 733 tonnes at full capacity, more than ten times Guinea’s recorded gold exports for 2025.

According to figures published by the Ministry of Mines and Geology, the country exported 72.12 tonnes last year, down approximately 2% from 2024.

Industrial operators shipped 19.946 tonnes, while semi-industrial companies exported 2.565 tonnes. The remaining 49.609 tonnes came from artisanal mining, which accounted for almost 69% of total recorded exports.

The refinery’s capacity could also accommodate gold sourced from neighbouring West African countries. Actual processing volumes will depend on available supplies and commercial arrangements with producers and traders.

Central Bank Negotiates Gold Purchase Plan

The government is considering further changes to the gold trade through a proposed purchasing arrangement with mining companies.

On October 1, Mines and Geology Minister Bouna Sylla met with industrial and semi-industrial producers and central bank vice-governor Mamadou Sylla to discuss acquiring up to 30% of participating companies’ gold production.

Under the proposal, the Central Bank of the Republic of Guinea would buy gold on behalf of the state, pay producers in Guinean francs, and record the metal in its gold account.

The participants agreed to establish a technical committee to discuss commercial terms, payment conditions, technical requirements, and delivery schedules before reaching a preliminary agreement and signing individual contracts.

The July decree also requires the Ministry of Mines and Geology to establish a national tracking system covering producer registration, reported output, movements of unrefined gold, and the issuance of origin certificates.

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