Guinea-Conakry: A mining and energy eldorado (AEW 2024)

Guinea-Conakry unveils its hydrocarbon and mining roadmap and ambitions at AEW 2024

At the African Energy Week (AEW) "Invest in African Energies 2024" conference, Guinea-Conakry presented its ambitions in the mining and hydrocarbons sectors. Its $20 billion Simandou 2040 development roadmap marks a strong commitment to becoming a world leader in iron ore production while boosting the country's socio-economic development.

The Simandou 2040 project is based on four strategic axes aimed at exploiting the country's mining resources to the full. With a forecast extraction of 2 billion tonnes of iron ore, the first exports are expected in 2026. The project also includes the construction of a 650 km trans-Guinean railway linking the Simandou mine to the Atlantic coast, as well as the development of a deep-water port designed to boost export capacity and position Guinea-Conakry on the global minerals scene.

Abdourahim Barry, Deputy National Director of Hydrocarbons, recalled Guinea's position as one of the richest countries in terms of iron ore reserves, stressing that the mining sector, already boosted by growing bauxite production, remained an essential pillar of the economy. "Over the next few years, our objective is to strengthen our competitiveness in the iron ore industry", he said, adding that the Simandou project should generate annual revenues of 3.5 billion dollars by 2031.

Alongside its mining ambitions, Guinea-Conakry has presented a detailed vision for the development of its hydrocarbon sector. The Société Nationale du Pétrole (SONAP) plans, in collaboration with the government, to complete the reprocessing of seismic data, as well as onshore stratigraphic drilling, integrating local data with regional information. Mohamed Mansae, Director of SONAP's Upstream Division, said: "Guinea has enormous onshore potential, with more than 15,000 km² of 3D data and 45,000 km² of 2D data."

Guinea's 27 offshore and seven onshore blocks are currently open for exploration, offering attractive opportunities in a region close to major discoveries in Côte d'Ivoire, Senegal and Mauritania.

Based on its Simandou 2040 vision and a well-defined hydrocarbons strategy, Guinea-Conakry aims not only to diversify its economy, but also to attract international investment to maximise the potential of its natural resources, with the ambition of becoming a key player in the global extractive industry.