Axis International Files 289 Billion Arbitration Claim Against Guinea
Axis International Ltd has filed a $28.9 billion arbitration claim against Guinea after the revocation of its bauxite mining permit. This marks the third major arbitration challenge against Guinea's mining sector overhaul in recent months.
洞察:
Axis International Ltd has filed a $28.9 billion arbitration claim against Guinea at the World Bank's International Centre for Settlement of Investment Disputes. This legal action follows Guinea's decision in May 2024 to revoke the company's bauxite mining permit in the Boffa region. Axis International owns 85% of Axis Minerals Resources SA, the Guinean company that held the mining rights. The mine produced 18 million metric tons of bauxite in 2024, making it Guinea's second-largest source of bauxite ore exports. Axis claims the mine's proven reserves exceed 800 million metric tons.
