Guinea Plans Defense Against Bauxite Miner’s $28.9 Billion Claim

Guinea plans to defend Axis International Ltd.’s $28.9 billion arbitration claim, saying that it terminated the firm’s bauxite-mining permit for violating an industry code.

United Arab Emirates-based company filed the claim against Guinea for revoking its mining rights in May. Axis, which says it’s the country’s second-largest bauxite producer, submitted its arbitration claim to the International Centre for the Settlement of Investment Disputes, an arm of the World Bank.