A bombshell from Conakry. Guinea's military junta has slapped an immediate ban on raw gold exports. The decree, signed by Colonel Mamadi Doumbouya, is a bid to force miners to refine on home soil.
London's mining houses are scrambling. Sources say the move could cripple supply chains for several FTSE 250 firms. One industry insider told me: 'This is a warning shot.
If others follow, the gold market shifts overnight.' The ban is effective as of midnight. No exceptions.
No grace period. Guinea exported over 220 tonnes of gold last year. The UK is a major buyer.
Now, the Treasury is watching. The Foreign Office is mute. Expect frantic diplomatic calls.
The real game? Doumbouya is consolidating power ahead of a promised return to civilian rule. Gold is his leverage.
For UK miners, it's a stark reminder of resource nationalism. The question is: who blinks first?
