Financial audit of mining companies: new revelations

Financial audit of mining companies: new revelations
Financial audit of mining companies: new revelations

The Société des mines du Sénégal (Somisen) has launched a financial audit targeting 14 mining companies. According to Libération, this decision comes at the right time given, the newspaper points out, “a real laxity against a backdrop of bamboola reign[ant] in the sector.

As a reminder, Ngagne Demba Touré, general director of Somisen, taking stock of the situation, regretted “the weakness” on the part of the State in mining operations. “The first paradox is that the State, which could assert its right to “increase” the capital of the companies in question, never believed it had to go beyond 10%.

An insignificant percentage if we compare it with the rate established by countries like Mali. Moreover, the UEMOA Code clearly indicates that this rate can go up to 15%,” confirms the newspaper.

The same source, going further, argues that “the fact of holding even 10% gives the State the right to have a representative on the board of directors and within the General Assembly of ministries. [Or]this right has never been respected.

“It was only with the advent of the new regime that the general director of Somisen contacted the ministry in charge of Oil and Mines, [adressant] a letter to this effect to the mining companies. Despite this directive, only 11 of the 14 companies complied. Grande Côte Operation (Gco), Dangote and the Chemical Industries of Senegal (Ics) are still in the resistance,” breathes Libération.

Who adds, regarding financial rights, that “only Sabodala and Gco pay dividends to the State [même si] These amounts are ridiculous compared to what these companies are brewing.”

As an example, Libération adds, “for this year, while gold is between 2,500 and 2,600 dollars, [soit plus plus de 1,5 million de francs Cfa]Sabodala va [toucher] at least 400 billion CFA francs. However, the company will pay less than 5 billion to the State of Senegal.

Another example: “In 2022, Somiva, which exploits Matam phosphates, produced 600,000 tonnes of phosphate, but [elle n’a] paid to Somisen [que] 80 millions.»

seneweb

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