African Bauxite Corporation (ABC) has received multiple credible reports indicating that AGB2A‑GIC, a mining company created by GIC to operate bauxite deposits in the Boffa region, has resumed transporting bauxite from north‑west Guinea, suggesting a possible restart of export operations.
Several sources state that AGB2A‑GIC has begun loading barges for export. At the same time, junior traders have reportedly been seeking buyers for Boffa‑origin bauxite at attractive prices, without disclosing the identity of the exporter.
ABC has made both official and informal enquiries to the Ministry of Mines and Geology of the Republic of Guinea. While no formal reply has yet been issued, all available information indicates that AGB2A‑GIC has not been granted the mining licence previously held by Axis Minerals, which would be required to legally mine and export bauxite from the area.
Recently the news media in Guinea have raised questions regarding the legality of AGB2A‑GIC’s activities. These concerns remain unanswered. No official ordinance or authorisation from the Ministry of Mines has been published, despite the expectation that such decisions be transparent and publicly accessible.
ABC has formally requested clarification from the Ministry of Mines and Geology and is awaiting a response. The request specifically seeks confirmation of the legal basis—if any—for AGB2A‑GIC’s export operations, particularly given that AGB2A‑GIC is a wholly owned subsidiary of GIC, whose majority shareholder is Mr Ahmed Kanté, former Director of Soguipami and former Minister of Mines.
Ongoing Criminal Proceedings Involving Ahmed Kanté
Mr Kanté is currently the subject of three criminal investigations:
- Kaloum District Court – Abuse of trust and unfair competition relating to the alleged misappropriation of the Axis and GBT projects from ABC (case under appeal).
- CRIEF Investigation – Abuse of trust during the creation of GIC (first instance).
- CRIEF Proceedings – Abuse of trust involving the Guinean government during his tenure as Director of Soguipami.
Background to the AGB2A‑GIC and Axis Minerals Licence Dispute
ABC invested significant initial capital to develop two bauxite deposits belonging to GBT and Axis Minerals. These investments covered exploration, feasibility studies, support in obtaining mining licences, and the construction of essential infrastructure, including roads and port facilities. ABC, through its wholly owned Guinean subsidiary, signed leasing agreements with both GBT and Axis Minerals.
ABC subsequently signed an MoU to create a joint venture with SD‑Mining, with ABC holding 58% and SD‑Mining 42%. SD‑Mining invested USD 36.5 million. Implementation of the MoU was entrusted to Ahmed Kanté, Claude Lorcy, and Philip Rogers.
Instead of executing the MoU as agreed, the three individuals created GIC, which replaced ABC in the joint venture with SD‑Mining. The joint venture was named AGB2A. SD‑Mining invested funds, while Mr Kanté allegedly used his influence within the Ministry of Mines to transfer ABC’s assets and rights to the new JV, including the leasing agreements with GBT and Axis Minerals.
In 2022, ABC initiated criminal proceedings against Kanté, Lorcy, and Rogers. The investigation concluded with a prosecutor’s ordinance finding all three guilty of abuse of trust and unfair competition. The case is currently before the appeal court.
During the investigation, Mr Kanté registered himself as the shareholder of GIC—previously held through nominees—effectively excluding Lorcy and Rogers. Mr Lorcy subsequently cooperated with authorities and initiated his own case before CRIEF after being removed from GIC. He also disclosed additional projects in which Mr Kanté allegedly became a shareholder during his time at Soguipami. Shortly after providing this information, Mr Lorcy passed away. No investigation into his death has been announced or reported.
During the criminal proceedings, GIC (AGB2A‑GIC) and SD‑Mining agreed to divide operational control of the GBT and Axis Minerals deposits. GIC created AGB2A‑GIC, and SD‑Mining created AGB2A‑SDM. Both began mining activities through these subsidiaries. The Ministry of Mines did not recognise this division.
AGB2A‑GIC, which lacked both capital and equipment, subsequently signed a sub‑leasing agreement with Sinohydro Bureau 11. This agreement was not validated by Axis Minerals nor approved by the Ministry of Mines and Geology.
In 2025, the President of Guinea cancelled the Axis Minerals mining licence due to the disorder surrounding the project.
Despite the ongoing criminal cases and clear conflicts of interest—acknowledged by the government—GIC (AGB2A‑GIC) is now reportedly seeking to obtain the mining licence directly.
ENDS
