▁salt ▁were ▁trad ing ▁comm od ities ▁between ▁Guinea ▁and ▁Gh ana . ▁Following ▁the ▁independence ▁of ▁Guinea ▁from ▁colonial ▁rule , ▁the ▁economy ▁of ▁the ▁country ▁was ▁largely ▁dependent ▁on ▁the ▁min ing ▁industry , ▁in ▁spite ▁of ▁political ▁tur mo il ▁ra ck ing ▁the ▁country ▁since ▁ 2 0 1 1 . ▁The ▁ 1 9 8 6 ▁M ining ▁Code ▁was ▁re vised ▁in ▁ 1 9 9 5 . ▁ ▁In ▁September ▁ 2 0 1 1 ▁the ▁M ining ▁Code ▁was ▁review ed ▁once ▁more ▁and ▁a ▁new ▁code ▁implemented ▁that ▁took ▁effect ▁in ▁ 2 0 1 2 . ▁Ch anges ▁to ▁the ▁code ▁included ▁increases ▁in ▁state ▁ownership ▁in ▁joint ▁vent ures ▁from ▁ 1 5 % ▁to ▁ 3 5 %. ▁ ▁Production ▁and ▁impact ▁Guinea ' s ▁b aux ite ▁reserve ▁is ▁ 7 . 4 ▁billion ▁metric ▁tons , ▁which ▁is ▁ 2 6 . 4 ▁percent ▁of ▁global ▁res erves . ▁High - grade ▁iron ▁ore ▁res erves ▁account ▁for ▁more ▁than ▁ 4 ▁billion ▁t onnes . ▁Diam ond ▁and ▁gold ▁depos its , ▁as ▁well ▁as ▁u ran ium , ▁have ▁also ▁been ▁reported . ▁The ▁min eral ▁industry ▁has ▁provided ▁job ▁opportun ities ▁to ▁ 1 0 , 0 0 0 ▁people . ▁In ▁the ▁export ▁sector , ▁min ing ▁has ▁contributed ▁to ▁as ▁much ▁as ▁ 9 0 % ▁of ▁ear nings ▁from ▁foreign ▁exchange . ▁Guinea ▁now ▁ranks ▁sixth ▁glob ally ▁in ▁the ▁production ▁of ▁b