Axis International Seeks $28.9 Billion from Guinea Over Revoked Bauxite Permit

Axis International Ltd. is pursuing $28.9 billion in damages from Guinea at a World Bank tribunal after the West African nation revoked its permit to operate a bauxite mine earlier this year, the UAE-based company announced on Monday.

Guinea, home to the world’s largest bauxite reserves, has been tightening state control over the mining sector over the past year, revoking and reallocating several permits as it seeks higher revenues and greater local processing.

Such moves under the government led by coup leader Mamady Doumbouya have triggered multiple arbitration cases, including one filed by Nomad Bauxite Corporation in November and another by Nimba Investment LLC this month.

Axis International warned in a statement that:

“If Guinea fails to pay compensation or refuses to participate, it risks losing multilateral donor support and access to financial markets.”

The arbitration claim was filed with the World Bank's International Centre for Settlement of Investment Disputes, while requests for comment have so far gone unreturned by the government of Guinea.

Axis International owns 85% of Axis Minerals Resources SA, a Guinean subsidiary with rights to a bauxite mine in the Boffa region. The company said its permit was revoked in May, along with dozens of others. Guinea claimed the mine was inactive, or underexploited; Axis responded that it was fully operational, supporting a staff of thousands and their families.

Counsel for Axis International, Gunjan Sharma, submitted:

"As we will prove to the tribunal of the World Bank, based on premeditated illegal actions, Guinea is obliged to pay for all the damages and more specifically USD 28.9 billion."

Axis International says the damages calculation is based on proved reserves, estimated at more than 800 million metric tonnes. The mine produced 18 million metric tonnes of bauxite in 2024, thereby ranking as the second-largest source of bauxite ore exports from Guinea, according to the company.

This case underscores some of the deeper tensions between Guinea and foreign mining companies as the country seeks more control of its natural resources, while taking up investment and treading international disputes.