Axis International Files $28.9 Billion Claim Against Guinea Over Revoked Bauxite Permit
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Axis International Ltd filed a $28.9 billion arbitration claim against Guinea at the World Bank's International Centre for Settlement of Investment Disputes (ICSID) on Monday, following the West African nation's revocation of its Bauxite mine permit in the Boffa region earlier this year. The UAE-based company holds an 85% stake in Axis Minerals Resources SA, the Guinean operator of the concession.
Axis stated the permit termination in May came alongside dozens of other licences during a government review, despite the mine's full operational status supporting thousands of local workers. The company reported proven reserves exceeding 800 million metric tons and 2024 production of 18 million tons of bauxite, positioning Boffa as Guinea's second-largest bauxite ore exporter.
Guinea's government alleged the mine was inactive or underutilised, according to Axis. The claim follows similar arbitration challenges, including November filings by Nomad Bauxite Corporation and December action by Nimba Investment LLC contesting comparable permit cancellations.
Axis founder Pankaj Oswal described the Boffa mine as a large-scale producer developed over more than a decade that materially contributed to Guinea's economy. Counsel Gunjan Sharma stated Guinea faces liability for "the entire amount of damages caused by its knowingly unlawful acts. That is USD 28.9 billion, at a minimum."
Guinea's government did not immediately respond to requests for comment on the filing.
