Guinea will boost its stake in mining projects to a third, according to its newly elected President, Alpha Conde.

A mines ministry official told Reuters that Guinea’s mining contract policy requires an amendment because it allows only a 15% stake in mining projects.

Guinea is the world’s largest exporter of the aluminium ore bauxite, with companies such as Rio Tinto and Rusal having multi-billion dollar bauxite operations.

Vale, Chinalco and others have planned major investments in the country’s iron ore deposits.