The Société Nationale Industrielle et Minière (SNIM), Mauritania's economic pillar, maintains its status as the country's leading company and second largest employer after the State. Operating the Kédia d'Idjil iron ore mine in the Tiris Zemmour region since the days of MIFERMA (Mines de fer de Mauritanie) before independence, SNIM marked the year 2024 with a historic record: 14.226 million tonnes of iron ore sold. However, faced with the rise of gold mining in Tasiast and the Grand Tortue Ahmeyim offshore gas field, the company finds itself at a strategic turning point, caught between global ambitions, sometimes hasty diversification, and environmental and human challenges.
In 2024, SNIM reached a historic milestone by exceeding the 14 million tonne threshold in iron ore sales for the first time, with a precise volume of 14.226 million tonnes, compared to 13.7 million in 2023, according to official company data. Loading and delivery operations also reached a peak of 14.3 million tonnes, reflecting unprecedented logistical efficiency. Despite a decline in global iron ore prices, estimated at around $95 per tonne in 2024 (compared to $120 in 2023, according to Trading Economics), SNIM generated revenue of $1.15 billion, down from $1.37 billion in 2023, but with a solid net profit of $268 million (compared to $396 million in 2023).
These results demonstrate the company's resilience in the face of market fluctuations, particularly those influenced by Chinese demand and slowdowns in the global real estate sector, which impact steel consumption. SNIM's economic contribution remains significant: 14% of government revenue, 9% of national GDP and 37% of Mauritanian exports. With 6,759 direct jobs and business relationships with 421 local companies generating 4,121 indirect jobs, SNIM remains a key economic driver.
Historically focused on iron ore mining, SNIM has embarked on a diversification strategy that has transformed it into a true conglomerate. Its ten subsidiaries cover sectors as varied as tourism (Somasert S.A.), real estate (Générale de la promotion immobilière, created in 2021), gypsum (SAMIA), foundry (SAFA), water and electricity (M2E), granite and marble (GMM), oil management (GIP), mechanical engineering (COMECA), public works (ATTM) and handling (SAMMA). This diversification, although strategic in reducing dependence on iron, is sometimes perceived as hasty, with some analysts pointing to a lack of consistency with the company's original mission.
At the same time, the SNIM Foundation is playing an increasingly important role in providing social support along the Zouerate-Nouadhibou corridor, where the 600 km railway line runs. With $8.54 million invested in social projects in 2024, the company is meeting the government's expectations, but this increased responsibility could place a strain on its financial management.
SNIM aims to become the world's fifth largest iron producer, an ambitious goal supported by a vast expansion programme. In 2024, the company obtained a $150 million loan from the African Development Bank (AfDB) to finance a $467 million project. This programme aims to double the capacity of the railway line connecting Zouerate to Nouadhibou by 2030, develop the production of iron pellets to meet the demand for high-quality steel, and build a 12-megawatt solar power plant to reduce its carbon footprint.
The adoption of modern mining technologies, such as more efficient processing systems and low-fuel-consumption operations, demonstrates SNIM's commitment to modernising its processes. The solar power plant, in particular, marks a step towards an energy transition, albeit a modest one, in a traditionally energy-intensive sector.
Despite its performance, SNIM faces several major challenges:
- Iron price fluctuations: Forecasts for 2025 predict an iron ore price of around $95 per tonne, with the risk of a decline if global demand, particularly in China, continues to weaken (Reuters, 2025). Geopolitical tensions and the volatility of global production are exacerbating this uncertainty.
- Diversification risk: Projects involving gold, copper and rare earths, although promising, remain at a preliminary stage. Their profitability is uncertain, and the dispersion of activities could dilute the company's financial and human resources.
- Human resources management: With 6,759 direct employees, SNIM faces challenges in recruitment, training and skills management. Matching employee profiles to the needs of a company undergoing modernisation is crucial to maintaining its competitiveness.
- Competition with other sectors: The emergence of gold mining in Tasiast and the Grand Tortue Ahmeyim gas field is diverting the attention of investors and decision-makers, sometimes relegating iron to the background.
By 2025, SNIM will need to balance its growth ambitions with prudent management of its resources. Investments in logistics and green technologies, such as the solar power plant, are steps in the right direction, but their success will depend on the company's ability to streamline its diversification and strengthen its internal capabilities. Iron price forecasts, although pessimistic, could be offset by sustained demand for high value-added products, such as iron pellets.
At the regional level, SNIM will continue to play a key role in the Mauritanian economy, but it will have to navigate a global context marked by the energy transition and pressure for more sustainable mining practices. Cooperation with international partners, such as the AfDB, and the adoption of rigorous environmental standards will be essential to maintaining its competitiveness.
In 2024, SNIM proved its resilience by recording record iron ore sales and maintaining robust financial health despite a challenging market. However, its future depends on its ability to address the challenges of diversification, human resource management, and global price volatility. As Mauritania turns to gold and gas, SNIM remains an economic pillar, but its ambition to become a global leader in iron will require a clear strategic vision and rigorous execution. In this race, SNIM must not only exploit the iron ore at Kédia d'Idjil, but also forge a sustainable future for itself and for Mauritania.