Guinea faces $1bn claim over withdrawal of mining licence

An Indian businessman is seeking $1bn in damages from Guinea after losing his mining licence for a bauxite deposit, reports RFI. Pankaj Oswal has requested arbitration before a New York court, denouncing Conakry’s treatment of foreign investors. Oswal described it as ‘a shock’ when, on 14 May 2025, he discovered that Axis Minerals’ mining licence had been revoked. The Guinean subsidiary of the Oswal Global group had been operating the site since 2020, following years of exploration and investment in the project. Axis Minerals was among those targeted in the sweeping licence cancellations ordered by the junta and its government. The clean-up of the national mining register is justified, according to General Amara Camara, spokesperson for the Guinean Presidency, on the grounds that ‘most of the permits were in breach of the mining code’. For Oswal, it was a brutal blow. 'From one day to the next, our operations were halted. Our 5 000 employees and subcontractors were left without work. We received no prior warning, no letter, no discussion asking us to correct anything.’ The businessman, who now lives in Switzerland, claims he wrote to the authorities several times, but received no reply. In early July, Axis Minerals launched ad hoc arbitration proceedings in New York. ‘Our claim for damages amounts to more than $1bn. And that is what will hurt Guinea,’ Oswal warned. However, Oswal said he is still open to dialogue. Guinea has not yet agreed to arbitration, but has nonetheless been formally served with Axis Minerals’ request to compel it to do so. The government received the notice on 1 September. The Guinean Ministry of Mines declined to comment.

Full RFI report