Guinean gold, refined in Guinea

01 Key figures

02 The Nimba Gold Refinery, the bet

The Nimba Gold Refinery (NGR) is a privately-owned gold refinery located at Cité de l'Air, Gbessia commune (Conakry), near the airport. Not to be confused with Nimba Mining Company, the state-owned bauxite company created in August 2025: no documented link between the two entities as of 02/09/2026.

The project is presented as a partnership between the Ministry of Mines and Geology, the UAE's Emirates Minting and entrepreneur Yacoub Sidya (founder of MSS Security and Phoenix Precious Metals), who fully finances the project (Conflits, 08/07/2025). Foreign Minister Morissanda Kouyaté confirmed it to the diplomatic corps: 'this is not a refinery owned by the Guinean state, it is a private investment' (Africaguinee, 25/06/2026). The state's role: the regulatory framework (July 2026 decrees).

03 The project's trajectory

• 10/2024: Emirates Minting Factory and Conakry 'make progress' on a gold refinery (Africa Business Plus, 31/10/2024 — title).
• 01/2025: construction under way 'for months' (Billet de France, 19/01/2025).
• 07/2025: presented as 'Africa's largest gold refinery', 730 t/yr announced (Conflits, 08/07/2025).
• 11/2025: Africa Intelligence report on 'the pitfalls of the national gold refinery project' (26/11/2025 — paywalled, title only).
• 12/2025: presidential visit to the site, presented as 'in service' by pro-government press (25-26/12/2025).
• 02/2026: per a source relying on the Africa Intelligence report, construction would be 'halted' (Afrique Europe Business, 09/02/2026 — single source).
• 06/2026: site tour with gold industry players on 22/06 (Simandou 2040); technical team arrived on 26/06 to 'start the machines' (Guinéenews/Mediaguinee, 27/06); commercial production targeted for 'July 2026' (Reuters via Agence Ecofin, 30/06).

04 Capacity and cost: gaps between sources

Announced capacities vary widely by source — all are reproduced, never merged:

• 730 t/yr — Conflits, 08/07/2025.
• ~530 t/yr at start-up, ~733 t/yr at full capacity (≈ 17 m oz) — Reuters via Agence Ecofin, 30/06/2026.
• >2,300 kg/day, expandable >500 t/yr — official figure (Presidency / Simandou 2040, 22-25/06/2026).
• 2,000 kg/day (~10 t/week) — Guinéenews, 27/06/2026.
• 250 t/yr at start-up, expandable to 500 t/yr — Ranks Africa, 26/12/2025 [single source].

The announced investment is USD 30m (Reuters via Agence Ecofin, 30/06/2026). No other detailed cost figure was found.

05 The raw gold export ban

On Friday 19/06/2026, President Doumbouya met players from the industrial, semi-industrial and artisanal gold sectors, and the buying counters: 'Guinean gold will be melted in Guinea, certified in Guinea, valued in Guinea before being exported to international markets' (Guinee360, 21/06/2026). Announced sanctions: licence suspension, mining agreement termination, prosecution.

• 03/07/2026 — Decree D-2026-0212-PRG-SGG (published in the Official Journal, read on state TV): raw gold = purity below 99.5%; only gold refined and certified by an authorised refinery may be exported; a 90-day transition period; priority supply to Guinean refineries (art. 139 of the Mining Code); mining agreement revisions to start within 30 days (art. 217); sanctions including seizure of gold for the state (full text published by Guinee114, 04/07/2026).
• 08/07/2026 — decree regulating the export of refined gold, which repeals the previous one: mandatory local refining in a state-approved refinery; authorised exporters: industrial companies, semi-industrial companies, licensed counters and the BCRG; 9 required documents; national gold traceability platform; 90-day transition (Guinéenews, 08/07; Africaguinee, 10/07).

06 What it changes for artisanal gold

This is the most affected flow: in 2025 artisanal gold made up 49,609 kg exported, i.e. 68.8% of the total (72,120 kg — MMG N°30). A flow not tracked by the MMG, slightly down over one year (−5.1%: 1,594,954 oz in 2025 vs 1,680,397 oz in 2024).

• Buying counters remain in the circuit (authorised exporters of refined gold — Guinéenews, 08/07/2026). The Secretary-General of the Artisanal Miners' Union: 'this decision changes nothing for the counters' activity in Guinea' (Africaguinee, 18/07/2026).
• The Artisanal Miners' Union welcomes the decision 'with enthusiasm' and commits to directing 'all the raw gold we buy inland' to the NGR (Africaguinee, 18/07/2026).
• Documented risk: without better oversight of artisanal mining and borders, the ban 'could encourage clandestine exports' (baatonu.info, 23/06/2026).

07 The regional context

• AES: Guinea 'joins the AES in local refining' (Agence Ecofin, 22/06/2026) — Mali and Burkina Faso already have refineries (Africaguinee, 18/07/2026).
• The Ghanaian precedent (best documented): since 01/07/2026 Ghanaian large-scale mines sell 30% of their output to GoldBod, the state marketing body, at a 0.55% discount to the Bank of Ghana reference price, paid in cedis (Sika Finance, 26/06/2026).
• Guinea's stance: 'after bauxite and iron, Guinea wants to refine its gold at home' (La Tribune, 22/06/2026).

08 What we know / what we don't know

• We know: the 19/06/2026 announcement and the decrees of 03/07 (full text published) and 08/07/2026 · the NGR is a private investment (Kouyaté, 24/06/2026) · the official announced capacity (>2,300 kg/day, expandable >500 t/yr) · artisanal gold = 68.8% of 2025 exports · the embargo 'a long way from being effective' as of 29/07/2026 (Africa Intelligence).
• We don't know: NGR's entry into commercial production (no published proof as of 02/09/2026) · the exact text of the 08/07 decree in the Official Journal (95.5% vs 99.5% thresholds unreconciled) · NGR's detailed ownership · volumes actually exported since June 2026 (no published figure) · the LBMA certification status.

09 Related