Senegal: FONSIS and SOMISEN join forces to create a gold counter and refining plant

The Fonds souverain d'investissements stratégiques (FONSIS) and Société des mines du Sénégal (SOMISEN) have sealed a partnership agreement to create a national comptoir and refining plant for gold from artisanal and semi-mechanised mines. This initiative marks a decisive step in the local development of Senegal's mining resources, strengthening the country's economic sovereignty in a key sector.

This partnership, described as strategic by the two public entities, aims to mobilise national and international capital to bring these structuring projects to fruition. The aim is to locally process artisanally mined gold, which accounts for a significant proportion of Senegal's mining output, rather than exporting it unprocessed. "The local processing of mining resources is a major issue of economic sovereignty", said Babacar Gning, Managing Director of FONSIS, adding that this project will give rise to the first Senegalese-owned gold refining company.

For Ngagne Demba Touré, Managing Director of SOMISEN, this agreement is fully in line with the "Competitive Economy" axis of the Senegal Vision 2050 National Transformation Agenda. "It positions the mining sector as an engine for sustainable growth", he emphasised, highlighting the creation of added value and local jobs.

FONSIS, which is responsible for accelerating economic transformation through strategic investments, will provide its expertise in raising funds and co-investing with the private sector. SOMISEN, which is responsible for managing the State's mining portfolio and marketing products, will provide operational coordination. Together, they aim to create a national champion in gold refining, while optimising the profitability of public assets.

Senegal is taking its cue from West African neighbours such as Ghana, Mali and Burkina Faso, which have already set up similar infrastructures to exploit their gold resources. Côte d'Ivoire is also following suit. In a region recognised as a major gold mining basin on the continent, this initiative could position Senegal as a competitive player, while reducing its dependence on raw exports.

Beyond economic sovereignty, this project promises to boost the local economy. The creation of a national comptoir will regulate the artisanal gold trade, which is often informal, while the refining plant will generate skilled jobs and increase tax revenues. By structuring this industry, Senegal aims to maximise the benefits of a sector that is already making a significant contribution to its GDP, notably through the gold from Kédougou.

This agreement illustrates the country's determination to capitalise on its natural resources to finance its long-term development. By combining strategic investment and local transformation, FONSIS and SOMISEN are laying the foundations for a more autonomous and resilient economic model, aligned with the ambitions of a nation looking towards 2050.