This measure also constitutes a flagrant violation of GAC’s contractual and legal rights. It puts over 3,000 local jobs at risk and raises serious concerns about the Republic of Guinea’s adherence to the rule of law.
GAC has been a key driver of long-term socio-economic development in the Boké region, contributing $244 million to the Guinean economy and investing $700,000 in social projects in 2024 alone.
The illegal and hostile takeover further represents breaches of Guinea’s contractual obligations and undermines any credibility of its engagement with foreign investors.
By re-assigning GAC’s mining rights to another entity – which, notwithstanding the lack of transparency, seems to be a Guinean State entity –, the State of Guinea has signalled that it is willing to violate fundamental legal principles to the detriment of investor confidence, governance transparency, and long-term national interest.
EGA reserves all of its rights, while GAC will seek the redress it is entitled to through the legal means it has already initiated and any other legal action before the competent fora. GAC, with the support of EGA, remains committed to protecting its rights and the interests of its employees, partners, and shareholders.
