© 2019 Elsevier Ltd Drawing on contributions from heterodox international political economy, this paper uses the notions of structural power and modes of governance to analyze the conditions that help explain emerging trends in the reform of extractive governance. Based on case studies of governance reform dynamics in Guinea and Mongolia, the article argues that, in certain cases, the possibility of change exists in the modes of governance and that with these changes, the shifting of relations of power among the actors concerned can begin. The paper is divided into four main sections. After a brief outline of its theoretical framing, the next section explores the legacy of the far-reaching liberalization reforms that have been introduced into the mining sectors in mineral-rich countries across the Global South. The following two sections examine the contestation of this legacy at various levels and in various arenas, based on two case studies, Guinea and Mongolia. The paper's final section contrasts these experiences of contestation and reflects on the meaning of these changes in terms of contestation, political settlements, modes of governance, and the beginning of the shift in relations of power among the actors concerned.