PDI Gold sold 61,149 ounces of gold from its Kiniero mine in Guinea in the third quarter of 2026, up 59% from 38,470 ounces in the previous quarter, Agence Ecofin reported, citing the company’s production report published on 5 October. The increase came just before the end of the transition period for Guinea’s new rule requiring gold to be refined in the country before export.
Sales rose while production fell
The jump in sales does not reflect higher output. Kiniero produced 45,599 ounces between July and September, 16% less than in the second quarter. The report does not give a reason for the decline in production.
The gap came from inventory. PDI Gold says it converted a large share of the gold it held at the end of June into cash, depending on the timing of shipments and sales.
The figures suggest the destocking largely reversed a build-up from the previous quarter. By TMG’s calculation, a 16% decline implies second-quarter production of roughly 54,000 ounces, about 15,800 ounces more than was sold that quarter. In the third quarter, sales exceeded production by 15,550 ounces. The company has not published its inventory levels, so this remains an estimate.
Why gold accumulated
The stock built up because of the regulatory transition. Guinea announced in June that producers would have to refine their gold at a refinery on its territory before exporting it, rather than sending it to facilities abroad. The reform was launched earlier in the year by His Excellency Mamadi Doumbouya, President of Guinea.
In its previous quarterly report, PDI Gold said exports had been temporarily suspended while the new framework was finalised. They resumed in July, and mining and processing continued without significant interruption. Gold produced during the suspension therefore remained in stock until shipments restarted.
According to the calendar communicated by PDI Gold, the transition period for complying with the local refining requirement was due to expire on 6 October. The detailed export procedure was set out in a decree made public on 2 October. Exports now require refining at an approved refinery in Guinea, certification by the gold assay office (OGE), sealing under supervision and payment of taxes before shipment.
Cash flow ahead of a regulatory unknown
Selling down stock before the deadline turned inventory into cash at a point when the rules for future exports were still being defined. It also reduced the company’s exposure to any delays in the new circuit.
That cash matters beyond Kiniero. PDI Gold’s chief executive, Matthew Wilcox, told Guinéenews in September that Kiniero’s cash flows should fund most of the construction of Bankan, the company’s other gold project in Guinea. Any disruption to Kiniero’s sales under the new regime would therefore affect the company’s development plans as well as its quarterly revenue.
The refining bottleneck
The authorities expect the Nimba Gold Refinery to be commissioned by the end of the year. Until then, it is unclear which approved refineries are available to industrial producers and what volumes they can process.
Ecofin notes that the practical terms between refineries and industrial mines remain to be defined, including fees, processing times and guarantees for producers. Miners selling on international markets also need refined gold that meets their buyers’ quality and certification standards.
For PDI Gold, the fourth quarter will be the first full period under the new regime. Without a buffer of stock, sales will depend directly on how quickly gold can move through local refining, certification and export.
What to watch
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PDI Gold’s fourth-quarter sales relative to production, as the first test of the new export circuit.
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The reason for Kiniero’s 16% production decline and the company’s guidance for the rest of the year.
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The list of approved refineries in Guinea and the commissioning date of the Nimba Gold Refinery.
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Publication of the joint order setting fees for gold control, certification and export.
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Whether other industrial gold producers in Guinea report similar destocking or export delays.
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Progress on financing and construction at Bankan.