At a Glance
- Axis files $28.9 billion arbitration lawsuit against Guinea at World Bank tribunal.
- Guinea revokes mining permits, tightens control over bauxite sector, triggering investor disputes.
- Axis claims 800 million tonnes reserves, seeks damages over alleged unlawful permit termination.
Axis International has filed a $28.9 billion arbitration claim against Guinea at a World Bank tribunal after the West African nation withdrew its permit to operate a major bauxite mine earlier this year.
The United Arab Emirates-based company said Monday the case was lodged at the International Centre for Settlement of Investment Disputes, a forum commonly used for disputes between governments and foreign investors. Guinea’s government did not immediately respond to a request for comment.
Guinea tightens grip on mining
Guinea holds the world’s largest bauxite reserves and has spent the past year asserting greater control over its mining industry. Authorities have revoked and reassigned dozens of permits as the government seeks a larger share of revenues and more domestic processing.
Those steps have triggered a series of legal challenges. Nomad Bauxite Corporation filed an arbitration case in November, while Nimba Investment followed with its own claim this month.
The disputes come as Guinea prepares for a new political chapter under junta leader Mamady Doumbouya, who is widely expected to secure the presidency following Sunday’s election.
Company disputes government claims
Axis International owns 85% of Axis Minerals Resources, which holds rights to a bauxite mine in the Boffa region. The company said its permit was terminated in May alongside many others.
Guinean authorities have argued that some mines were inactive or underused. Axis rejected that view, saying its operation was running at scale, producing 18 million tonnes of bauxite in 2024.
That output, it said, made the mine Guinea’s second-largest source of bauxite exports and supported thousands of workers and their families.
Axis cites 800m tonnes, $28.9 billion
Axis said its damages claim is based on proven reserves of more than 800 million tonnes. In a statement, the company warned that Guinea could face broader consequences if it does not engage with the process.
“If it fails to pay compensation or refuses to participate, Guinea risks losing multilateral donor support and access to financial markets,” Axis said.
Gunjan Sharma, counsel for Axis International, said the company would argue that Guinea is responsible for the full scale of losses tied to what it described as unlawful actions. “That is $28.9 billion, at a minimum,” Sharma said.
The case adds to growing pressure on Guinea as it balances state control with the need to reassure foreign investors in one of its most important industries.
