The office of Guinean President Alpha Conde is set to take charge of Societe Guinneenne du Patrimoine Minier, known by its French acronym Soguipami, through a decree, broadcast recently through state-owned media outlet Radio Television Guineene. The decree is set to give him more authority over the country’s holdings.
The decree gives Alpha Conde’s office stake in the country’s two main bauxite miners. Soguipami owns a 49-percent share in Compagnie des Bauxites de Guinee and 10 percent share in Societe Miniere de Boke. Guinea, the west African country holds some of the world’s largest bauxite deposits. Guinea’s bauxite industry has become a leading global supplier, overtaking Australia as the primary bauxite source for the People’s Republic of China. As of last year, Guinea accounted for half of China’s total bauxite imports. Chinese companies continue to increase their presence and investment in the bauxite-mining operations in the country. Both the share and the total tonnage of bauxite ore supplied to China is expected to rise in the coming years. President Conde’s term is scheduled to lapse at the end of his second five-year stint in 2020. However, there are speculations that he may not step down and seek an extension.
