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sharing in governance of extractive industries

Guinea transitional council debates draft mining code - Reuters

CONAKRY, Aug 31 (Reuters) - Guinea's draft mining code, in which the government plans to more than double its stake in mining projects, has been sent to the country's transitional law-making body for debate and adoption, a member of the council said on Wednesday.

 "The mining code is currently confidential. We have the next 10 days to debate it," council member Amadou Camara said.  A copy of the draft code seen by Reuters in April said the West African country, the world's top bauxite exporter, would take a free 15 percent stake in mining projects.

It also would give the state the option of purchasing an additional 20 percent -- bringing the total potential state share to 35 percent in mining projects.

Major mining firms including Rio Tinto (RIO.AX) and Vale (VALE5.SA) have interests in Guinea's Simandou iron ore complex. Rio had said in April after reaching an agreement to end a dispute over its Simandou stake that it would not beaffected by the mining review.

The draft code also is intended to toughen the procedures for issuing development permits, while offering tax breaks and deductions to encourage more exploration.

(Reporting by Saliou Samb; Writing by Bate Felix; Editing by Dale Hudson)

More @ http://reut.rs/nFjRy3

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