The recently elected government of Guinea is revising the West African nation's mining code for the first time in 16 years, and recent reports that it was after a 33 percent stake in mined assets was taken out of context, a mining representative said on Wednesday.
Guinea's democratically elected government took over last November and is reviewing the mining code to see how the government can increase participation in mined resources.
Rumors have been swirling around the mining and exploration industry about what the new code will include.
Morcire Sylla, advisor to Guinea's mining minister and president of Guinea's Geological Engineering Society, said the 33 percent participation rate was not a hard and fast plan, merely a number tossed out by President Alpha Conde.
"It was just a proposal from the President. He just said, 'Why not?' (of the 33 percent rate). But it is not definite. No, no, no. Not yet. It's just an idea," Sylla told Reuters on the sidelines of MetalBulletin's Bauxite and Alumina Seminar,.
"It has to be discussed first. That's why I advised at everyone to be at the seminar in May," he added.
From May 10 to 12, he said, the government is planning a mining symposium in Conakry for industry constituents.
Sylla said the government hopes to present proposed revisions to the mining code at that gathering, to solicit input from investors, including mining and exploration companies. (Reuters)
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