Axis International Ltd. Files $28.9 Billion Claim Against Guinea Over Mining Rights

Axis International Ltd., a United Arab Emirates-based company and Guinea's second-largest bauxite producer, has filed a substantial arbitration claim of $28.9 billion against the Guinean government. This claim arises from the revocation of its mining rights, which Axis asserts was unjustified. The company has submitted its case to the International Centre for the Settlement of Investment Disputes, a World Bank affiliate, after alleging that Guinea has disregarded multiple attempts to resolve the issue amicably.

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In May 2025, President Mamadi Doumbouya's military government terminated over 50 mining concessions, including Axis's, citing non-compliance with the country's mining code. This decision also affected a concession held by Dubai's Emirates Global Aluminium, which was penalized for failing to construct a refinery in Guinea. Axis contends that the government's rationale for revoking its concession—claiming the mine was not operational and underutilized—is inaccurate. The company's Axis Minerals Resources unit has been actively mining bauxite at Boffa, located approximately 150 kilometers northwest of Conakry, since 2020.

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In addition to revoking the mining rights, the Guinean government has reportedly seized Axis's mining equipment and frozen its bank accounts. Gunjan Sharma, a lawyer representing Axis, stated, “As we will show the World Bank tribunal, Guinea is liable for the entire amount of damages caused by its knowingly unlawful acts.” The military government, under Doumbouya, has emphasized its commitment to advancing the mining sector, including the recent commencement of exports from the Simandou project, one of the world's largest iron-ore deposits.

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The actions of the Guinean government have drawn criticism, particularly regarding the abrupt termination of mining concessions. Critics argue that such measures could deter foreign investment and undermine the stability of the mining sector. However, the military government has defended its decisions as necessary for enforcing compliance with national regulations.

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While Axis has publicly expressed its grievances, government officials, including Mining and Geology Minister Bouna Sylla and government spokesperson Ousmane Gaoual Diallo, have not responded to requests for comment regarding the dispute. The lack of official communication raises questions about the government's stance on the allegations made by Axis.

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The arbitration process at the International Centre for the Settlement of Investment Disputes will be closely monitored, as it could set a significant precedent for future foreign investments in Guinea's mining sector. The outcome of this case may also influence the broader relationship between the Guinean government and international mining companies.

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• “The purported justification for terminating the mining permit – that the mine was not operating, that it was underutilized – is not based on reality,” — Gunjan Sharma, Lawyer for Axis International Ltd.

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• “As we will show the World Bank tribunal, Guinea is liable for the entire amount of damages caused by its knowingly unlawful acts,” — Gunjan Sharma, Lawyer for Axis International Ltd.

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