This Code does not affect the ownership and validity of mining titles existing before its adoption.
This Code and each of its provisions applies in full to the holders of Mining Titles and Authorisations which have not yet been the subject of a Mining Agreement.
With regard to the holders of Mining Concessions signed in strict compliance with mining legislation in force at the time of signing, the provisions of this Code will be applied through amendments to the existing Agreement, in the form of supplementary clauses, which will not be valid and will not enter into force until after having been approved by the Council of Ministers, signed by the Minister responsible for Mines, been the subject of a legal opinion of the Supreme Court and ratified by the National Assembly.
The supplementary clauses will be comprised of amendments setting out the precise terms agreed by the parties in order to ensure the proper application of the provisions of this Code. These amendments can relate to three area:
- Amendments which conform entirely to the provisions of this Code and shall take immediate effect, relating to transparency, the fight against corruption, the transfer of interests in a Mining Title and tax on capital gains, as well as environmental protection, relations with local communities, and health, hygiene and safety at work.
- Amendments which conform entirely to provisions of this Code and shall be applied progressively over a period to be negotiated, but which may not exceed eight years. These amendments, relating to the training, employment and giving preference to Guinean companies shall conform entirely to the provisions of this Code during the transitional period.
- Any other amendment, including those regarding the tax and customs regime, State participation in the capital of mining companies, the State’s rights over transportation and trading, the obligation to comply with the Insurance and Foreign Exchange Codes, will be negotiated between the holders of Mining Concessions and the Government.
The amendments shall be applicable from the date of ratification of the amendments to the basic Mining Agreement, for all Mining Activities subsequent to this date. Until the date on which each amendment is ratified, the terms of the original Mining Agreement will apply.
Negotiations between the Government and the titleholders of the aforementioned Mining Concessions will be undertaken as part of a comprehensive program for the review of Mining Concessions and Titles, initiated by the Technical Committee and a Strategic Committee, both of which were created by regulation. Existing mining rights and associated obligations of the State will be taken into account, as well as the particular circumstances surrounding the grant of each Mining Title, and any other relevant details, attributes or context necessary to guarantee the feasibility of the projects and the longevity of mining.
The mining companies concerned must fully cooperate with the review program in order to obtain, no longer than 24 months after the publication of this amended Code, amendments accepted and signed by all Parties. This deadline does not take into account the additional period necessary for the National Assembly to complete the ratification procedure of the negotiated supplementary clauses.
At the end of the 24 month period, if no supplementary clause has been signed by the holder of a Mining Agreement, the Parties will meet to evaluate the points they agree and disagree on, and to produce, in as short a time as possible, mutually accepted supplementary clauses, adapted to the economic terms of the project or mining operation.