The Société des Mines du Senegal (SOMISEN) led by Ngagne Demba Touré announced the launch of a financial audit of mining companies in which the State holds stakes. This initiative is part of the desire to promote public assets in a strategic sector, in accordance with Law No. 2020-31 of November 6, 2020 which created SOMISEN.
The objective of this audit is to assess the value of the shares held by the State and to ensure that the financial benefits from mineral wealth fully benefit the Public Treasury. Currently, the state holds stakes in several mining companies. There are 14 of them, and the State holds 10% in 13 companies, including Sabodala Gold Operations (SGO), Industries Chimiques du Sénégal (ICS). There is only the Société des Mines de Fer du Sénégal Oriental (MIFERSO) where he holds 98% of the shares.
However, a preliminary analysis reveals that the financial contribution of these participations remains very low, with the State rarely receiving significant dividends. “Natural resources belong to the people,” recalls SOMISEN, citing article 25-1 of the Constitution.
At the end of this audit, a report will be sent to the authorities, accompanied by recommendations for optimal management of the State’s mining portfolio. This approach is part of a vision of transparency and responsible governance to maximize the benefits from mining resources for the benefit of the nation.
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