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Senegal`s gold rush: Opportunities in the mining sector and gold exploration
SN Mineral Mining AG
Sunday, March 4, 2012
2:00 – 5:00 pm
MTCC, North Building
Room 206DC
Overview
The mining industry in Senegal essentially relies on phosphates. In 2009, phosphoric acid production by Industries Chimiques du Sénégal reached 180,000 metric tons, a decrease of 23% on the 180,000 metric tons produced in 2008. The company mined 552,000 tons of marketable phosphate in 2009 from 590,000 tons in 2007. Figures for 2009 have not been made available. Other mineral occurrences include gold, iron ore, uranium, heavy minerals, copper, chrome, tin, lithium and molybdenum. The production of the first ingot from the Sabodala gold mine by Mineral Deposits Ltd occurred in 2009. In addition, several exploration permits have recently been issued for gold, providing a promising outlook for the sector.
Geology
Phosphates and heavy minerals sand deposits are located within a large coastal basin of Mid Jurassic to recent age sediments that cover most of the country. In addition, Senegal lies to the west of the West African birimian greenstone belt which extends through Ghana, Guinea, Senegal, Mali and Burkina Faso. Formed about 50 million years ago, the birimian rocks are major sources of gold.
Legal-system
The legal system of Senegal is civil law-based. The main legislation regulating mining activities is the Mining Code, enacted by Law n° 2003-36 of 24 November 2003. Pursuant to this Code, Government has adopted Decree n° 2004-647 of 17 May 2004 fixant les modalités d’application de la loi n° 2003-36 du 24 November 2003 portant Code minier. The Senegalese judicial system adheres to the rule of law enforced pursuant to established procedures. Courts are constitutionally independent from the executive and legislative branches of the State. Unless otherwise provided in the Mining Convention, any dispute about the interpretation or the implementation of the Mining Code must be submitted to the local Courts. However, the Mining Code also prescribes that exploration permit’s applicants are not entitled to any financial compensation from the State if the permit is denied.
SN Mineral Mining
SN Mineral Mining Ltd. was founded in 2009 by First Invest Capital Holding AG, Switzerland, and Mr Verissimo Paulino Nancassa. The founding partners currently hold majority shares to 100% in SN Mineral Mining AG, Munich. In November 2009, the Ministry for Mining and Resources granted SN Mineral Mining Ltd. a comprehensive licence for visiting, exploring and extracting gold and diamonds in the 600km² licensed territory of ‘Velingara’ in the south-east of the Republic of Senegal. In May 2010, SN Mineral Mining Ltd. secured a further licence for visiting, exploring and extracting gold and diamonds in the 550km² licensed territory ‘Madina Foulbe’ in the east of the Republic of Senegal, from the Ministry for Mining and Resources. After a successful first phase of exploration SN Mineral Mining agreed to a joint venture with Bambukminerals Limited.
In May 2011, SN Mineral Mining Ltd. secured a licence for an alluvial Gold production in the Area of Tambamakoula in the South-East of the Republic of Senegal. The Gold production start in January / February 2012 with an annual capacity about 12,500 Ounces of Gold.
In December 2011, involved the SN Mineral Mining Ltd. with 50.1% of the share capital of Wingdam Gold Mines Ltd. which owns five gold properties in British Columbia, Canada. A Technical Report under NI-43-101Standard is available.
Speaker`s Program:
2:00 – 3:00 pm
Senegal`s mining opportunities, Ousmane Cisse, Generaldirektor Ministry of Mines, Republik Senegal
3:00 – 4:00 pm
Senegal`s upcoming gold rush, Cornelius Nater, IQ Investment AG, Munich, Germany
4:15 – 5:00 pm
SN Mineral Mining AG: Competence in gold, Dr. Wolfgang Bedorf, SN Mineral Mining AG, Munich, Germany, Jonathan Forster, Bambukminerals Limited, London, UK |
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