Kazakh Billionaire Sues Guinea Over Bauxite Mining License
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Kazakh billionaire and Nomad Insurance owner Almas Mynbayev has filed a lawsuit against the government of Guinea at the World Bank’s International Centre for Settlement of Investment Disputes. The case concerns a bauxite mining license, Orda.kz reports, citing OilGazKZ.
According to the channel, the claim was filed by Mynbayev and Nomad Bauxite Corporation Pte Ltd, a company registered in Singapore. ICSID received the application in November 2025.
In May 2026, the arbitration tribunal was formed. American lawyer Lucinda A. Low of Steptoe LLP was appointed chair. The claimants are represented by French arbitrator Dominique Hascher, while Guinea is represented by Eduardo Silva Romero, who works in France and Colombia. The tribunal is now expected to consider the case on its merits.
Guinea is a key country for the global aluminium industry. Nearly half of the world’s bauxite reserves are located there. After the 2021 coup, Guinea’s new authorities announced plans to develop domestic raw-material processing and gradually move away from exporting unprocessed ore.
Almas Mynbayev is the nephew of Sauat Mynbayev, Kazakhstan’s former oil and gas minister and former chair of KazMunayGas. His father, Sayat Mynbayev, headed the military counterintelligence department of Kazakhstan’s National Security Committee.
The 52-year-old businessman regularly appears on lists of Kazakhstan’s richest people. He controls several companies under the Nomad brand, including Nomad Life, Nomad Insurance and Nomad Digital Financial Services.
Original author: Alexander Zhdanov
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