Guinea's coup leader has frozen the country's numerous mining contracts and gold extractions as part of what he called an anti-corruption drive.
In a speech on Saturday, Moussa Dadis Camara said he would execute anyone who embezzles state funds.
"We have blocked the mining sector. There will be a renegotiation of contracts," he said.
"In gold mining areas, the decision has already been taken: no more extraction until further notice."
Mineral wealth
In his speech to around 1,000 representatives of political parties, trades unions, and civil and church groups, Camara denounced "ministers who surrounded the head of state who looted the country, who constructed buildings, and had bank accounts everywhere."
"For the person who embezzles money, there won't be a trial. They'll be killed,'' he said.
The West African country sits on one-third of the world's reserves of bauxite reserves, the raw material used to make aluminum, and also has important reserves of gold, diamonds, and other minerals.
But because of corruption and mismanagement, Guinea ranks 160 out of 177 in the United Nation's development scale.
In October, the government said it hoped to raise $27bn in investment in the mining sector between now and 2015, but that forecast has since been rocked by the global economic downturn.
