The case was submitted to the International Centre for Settlement of Investment Disputes (ICSID), the World Bank’s arbitration body for disputes between states and foreign investors.

Guinea, which holds the world’s largest reserves of bauxite, has spent the past year tightening state control over its mining sector, revoking and reallocating permits as it pushes for higher revenues and increased local processing.

The policy shift has intensified under the military-led government of coup leader Mamady Doumbouya.

Axis International said its permit was terminated in May, alongside dozens of others. The company owns 85% of Axis Minerals Resources SA, a Guinean entity with rights to a bauxite mine in the Boffa region.

While the government argued the mine was not operational or underutilised, Axis disputed that claim.“Over more than a decade, the project developed into a fully operational mine contributing materially to Guinea’s economy,” founder Pankaj Oswal said.

The mine produced 18 million metric tons of bauxite in 2024, making it Guinea’s second-largest source of bauxite exports, the company said. Axis added that Guinea is liable for at least $28.9 billion in damages, based on proven reserves exceeding 800 million metric tons

Source: africabusinessinsider