Pankaj Oswal’s Axis takes Guinea to World Bank over $28.9bn mine claim

BENGALURU: Axis International, controlled by Indian-origin billionaire Pankaj Oswal, has initiated an arbitration seeking at least $28.9 billion in compensation against the Republic of Guinea at the World Bank. The company has alleged unlawful revocation of its mining rights at one of the country’s largest bauxite operations.

The United Arab Emirates-based firm filed the claim on December 25 before the International Centre for the Settlement of Investment Disputes (ICSID), an arm of the World Bank. Axis International has said Guinean authorities terminated its mining permit, seized equipment and froze bank accounts, despite the mine being operational.

The dispute centres on a bauxite mine in western Guinea operated through Axis Minerals Resources SA, in which Axis International holds an 85% stake. The company entered Guinea in 2013, secured a mining permit in 2018 and began exporting bauxite in 2020. Axis International has said production rose steadily and reached 18 million tonnes in 2024, making it Guinea’s second-largest bauxite producer that year.

Guinea, governed by a military junta since a 2021 coup and the world’s largest exporter of bauxite, has in recent months signalled a shift towards greater domestic mineral processing. In November, mines minister Bouna Sylla said the country would fast-track alumina refineries and iron ore pellet plants to reduce dependence on raw ore exports.

In May 2025, Guinean authorities revoked dozens of mining permits, citing non-operation or failure to meet contractual obligations. Axis International has disputed that characterisation, saying its mine was operating at scale and that the permit was cancelled without notice or compensation.

Among other companies affected was UAE-based Emirates Global Aluminium, whose bauxite mining lease was later transferred to a newly created state-owned company.

“Our former partners have reportedly reached an agreement with the authorities to resume operations after offering to pay the government royalties belonging to Axis Minerals,” Oswal said in a statement.

Pankaj Oswal is the son of late industrialist Abhey Kumar Oswal, founder of Oswal Agro Mills and Oswal Greentech. He studied chemical engineering at the Manipal Institute of Technology and later expanded the family’s business interests internationally.