Guinea plans regional gold refining hub as West Africa race heats up

Guinea is stepping up plans to become a regional gold refining hub, joining a growing number of West African nations seeking to process more of their gold at home instead of exporting raw bullion. 

The move comes as governments across the region look for new ways to earn more from their mineral wealth.

With gold prices remaining strong, countries are increasingly investing in refining capacity to keep a larger share of the industry’s economic benefits, including jobs, tax revenue and industrial growth. 

Guinea’s latest push follows President Mamady Doumbouya’s decision to ban raw gold exports with immediate effect, a policy aimed at encouraging domestic processing and expanding the country’s mining value chain. 

Mines Minister Bouna Sylla said Guinea is not trying to dominate the regional refining market but to build a competitive industry that can serve producers across West Africa. 

“If each West African country has a refinery, there is no problem,” Sylla said. “If your refinery is not competitive, it will succeed or fail because of economics, not politics.”

New refinery targets regional market 

The government’s strategy centers on a new gold refinery that officials say ranks among the largest in Africa. The facility is expected to process gold produced in Guinea as well as supplies from neighboring countries, strengthening the country’s position in the regional mining industry. 

Bangaly Steve Toure, deputy head of Guinea’s Mining Investment Fund, said the $30 million refinery will initially process 530 metric tons of gold, or about 17 million ounces, each year before increasing capacity to 733 metric tons. Commercial operations are expected to begin in July after final regulatory approvals. 

The investment comes as Ghana, Mali and Burkina Faso also expand domestic refining capacity, reflecting a broader effort across West Africa to capture more value from gold production before it reaches international markets.

Guinea seeks bigger share of gold wealth 

West Africa produced an estimated 11 million ounces of gold in 2025, according to industry estimates. Guinea accounted for about 2.32 million ounces last year, with production valued at roughly $7 billion. 

Despite that output, Sylla said the country keeps less than 1 percent of the value generated from its gold industry because most bullion is exported for refining overseas.

He said countries such as the United Arab Emirates have shown how refining can support broader economic activity even without significant domestic gold production. 

Industrial gold production in Guinea is led by AngloGold Ashanti and Nordgold. The government is also preparing reforms to encourage local refining, improve the traceability of gold and formalize artisanal mining by 2026. 

Officials said the refinery is being developed as a public-private partnership and forms part of Guinea’s wider plan to expand downstream mining industries, building on similar efforts to increase local processing in the country’s bauxite sector.