Guinea has stopped all gold exports. The military junta cites 'supply chain protection.' British mining firms with operations in the West African state are scrambling.
Sources in the City say the move is a political gambit ahead of promised elections. The London-listed companies are now exposed. This is a blow to a sector already under pressure from the windfall tax.
Whitehall sources are cagey. 'We are monitoring the situation closely,' says a Foreign Office spokesperson. Translation: they have no leverage.
The junta's priority is local refining. They want to keep value added inside the country. For the British firms, this means stockpiles are stuck.
No clear timeline for a resolution. The market will punish them at the opening bell. Expect a testy shareholders' meeting.