Axis Minerals Files $28.9bn Arbitration Claim Against Guinea

Guinea’s sweeping crackdown on mining permits has moved straight into the courts, with Emirati backed Axis Minerals filing a $28.9 billion arbitration claim against the state.

Axis, founded by Indian businessman Pankaj Oswal, said on December 29 that it had taken the dispute to the International Centre for Settlement of Investment Disputes after negotiations with the government broke down. The company filed its claim on December 25, although the case had not yet appeared on the tribunal’s public docket at the time of reporting.

Revoked Bauxite Licence at the Centre of the Dispute

The dispute is based Guinea’s decision to cancel Axis’s mining licence for what the company describes as the country’s second-largest bauxite operation. Axis says the mine remained fully operational until the revocation, exporting roughly 16 million tonnes of bauxite between January and mid-May 2025, when authorities in Conakry pulled the permit.

Guinean authorities argue that Axis Minerals Resources, the company’s local subsidiary, failed to meet contractual obligations a justification the government has relied on repeatedly as it unwound dozens of licences earlier this year. Axis disputes that claim, pointing to more than $250 million invested since operations began in 2020.

“The idea that this mine sat idle or underperformed simply doesn’t hold up,” said Gunjan Sharma, a lawyer representing Axis. “Axis ran an active operation, and Guinea must answer for the losses caused by an unlawful termination.”

Lengthy Legal Path and Wider Industry Impact

Axis expects the arbitration to take years unless both sides reach a settlement. The company has already escalated the dispute further by filing a separate $1 billion claim in New York.

Other miners have also felt the impact of Guinea’s permit cancellations. Emirates Global Aluminium (EGA) has threatened legal action after losing mining rights, while the government has accused the company of delaying plans to build an alumina refinery.

Domestic Processing Push Raises Stakes

Guinea, the world’s largest bauxite exporter, shipped 145 million tonnes in 2024 and now demands that miners process more ore inside the country instead of exporting it raw. EGA disputes the grounds for losing its licences but continues talks with authorities. Those discussions could lead the company to source bauxite from the state miner, which now controls EGA’s former assets.

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