Guinea aims to turn iron ore wealth into industrial growth

Guinea is seeking backing to convert its vast Simandou iron ore deposits into a driver of industrial growth, leveraging significant Chinese investment and international partnerships to expand infrastructure, develop local industries and create jobs beyond mineral exports.

President Mamady Doumbouya said the development of one of the world's largest high-grade iron ore deposits presents an opportunity to generate broader economic benefits, positioning the West African country for industrialization, economic diversification and long-term growth.

He called for investment partnerships to help Guinea move beyond exporting raw materials and establish industries capable of adding value to its mineral resources, with a focus on local processing, manufacturing, energy, agriculture and the growth of domestic businesses.

Speaking on Wednesday during the inaugural Simandou Mining Summit on Kassa Island, about 7 kilometers off the coast of the capital Conakry, Doumbouya recalled that the first shipment of iron ore from the port of Morebaya a year ago when the project was launched marked a major milestone in the long-awaited project's development.

For decades, Simandou had represented missed economic opportunities, he said, adding the country has now demonstrated its ability to turn long-standing commitments into reality through the development of mines, the Trans-Guinean Railway and a mineral and commercial port.

"Simandou is not the end. This is a door. Simandou is the catalyst of the Simandou 2040 program," Doumbouya said in reference to the 15-year development strategy through which the government plans to direct investment into critical sectors of the economy.

He said the next phase would involve establishing a steel mill to process iron ore domestically, signaling Guinea's ambition to move further up the mineral value chain rather than rely on exports of unprocessed resources.

He said Guinea is focused on ensuring that wealth generated from its natural resources translates into tangible benefits for its people through job creation, expanded access to education, business development and improved livelihoods.

The president also highlighted institutional reforms aimed at attracting strategic investors, citing the role of the TransGuinean Company, or CTG, in providing equitable access to infrastructure and the establishment of Nimba Mining Company as part of efforts to develop a major Guinean mining operator.

He said the country's gold refinery, Nimba Gold Refinery, was already operational, while the first aluminum refineries were taking shape, reflecting efforts to expand domestic mineral processing.

The more than $20 billion integrated mining, railway and port project involves Chinese and other international companies, including China Baowu Group, Chinalco, Winning Consortium Simandou and Rio Tinto.

Chinese participation has been significant in financing, mining operations and the development of supporting infrastructure linking the mineral-rich southeastern highlands to the coast through a railway corridor stretching more than 650 kilometers and port facilities at Morebaya.

Matt Baartz, chief operating officer of CTG, said the railway and port corridor was designed to serve a broader economic purpose beyond transporting iron ore, including supporting industrialization and creating local jobs.

victor@chinadailyafrica.com