Buried Secrets How an Israeli billionaire wrested control of one of Africa’s biggest prizes.

Guinea is one of the poorest countries on the planet. There is little industry and scarce electricity, and there are few navigable roads. Public institutions hardly function. More than half the population can’t read. “The level of development is equivalent to Liberia or Sierra Leone,” a government adviser in Conakry, Guinea’s ramshackle seaside capital, told me recently. “But in Guinea we haven’t had a civil war.” This dire state of affairs was not inevitable, for the country has a bounty of natural resources. In addition to the iron ore in the Simandou range, Guinea has one of the world’s largest reserves of bauxite—the ore that, twice refined, makes aluminum—and significant quantities of diamonds, gold, uranium, and, off the coast, oil.

As wealthy countries confront the prospect of rapidly depleting natural resources, they are turning, increasingly, to Africa, where oil and minerals worth trillions of dollars remain trapped in the ground. By one estimate, the continent holds thirty per cent of the world’s mineral reserves. Paul Collier, who runs the Center for the Study of African Economies, at Oxford, has suggested that “a new scramble for Africa” is under way. Bilateral trade between China and Africa, which in 2000 stood at ten billion dollars, is projected to top two hundred billion dollars this year. The U.S. now imports more oil from Africa than from the Persian Gulf.