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UAE Firm Sues Guinea for $28.9 Billion Over Mining Rights

12/29/2025

Summary

Story summary

Axis International Ltd., a UAE-based company, filed a $28.9 billion arbitration claim against Guinea with the International Centre for the Settlement of Investment Disputes over revoking its mining rights.
Guinea terminated over 50 concessions, including Axis's, for non-compliance.
Axis disputes the rationale and says its Boffa mine has operated since 2020.
The military government under President Mamadi Doumbouya seized mining equipment and froze bank accounts amid sector instability.

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Story summary

Axis International Ltd., a UAE-based company, filed a $28.9 billion arbitration claim against Guinea with the International Centre for the Settlement of Investment Disputes over revoking its mining rights.
Guinea terminated over 50 concessions, including Axis's, for non-compliance.
Axis disputes the rationale and says its Boffa mine has operated since 2020.
The military government under President Mamadi Doumbouya seized mining equipment and froze bank accounts amid sector instability.