The MSGBC region presents a promising landscape for mineral resources such as gold, iron ore, and phosphate – crucial for industrialization and agricultural development. With its favorable mining laws and mineral deposits – high deposits of gold, iron ore or bauxite have been found – the region has attracted global attention, fostering large-scale projects and economic diversification. Numerous large-scale initiatives are in progress, offering fresh prospects for economic expansion and diversification.
Mauritania
Bofal
The Mauritanian Ministry of Mines launched development for the Bofal phosphate mining project in the Labrakna region in January 2024. With reserves estimated at 166 million tons, the project is anticipated to provide sustainable exploitation opportunities over three decades. The Mauritanian government holds a 20% stake, with the remaining 80% distributed among national and foreign shareholders. Additionally, the government announced the launch of a processing plant project for the phosphate extracted.
Tijirit
Canadian producer Aya Silver anticipates completion of feasibility studies for the Tijirit gold mine – including a 1,000-ton per day processing plant – by 2024. The Tijirit Project lies 25 km from Kinross’ Tasiast mine. Spanning 150 km2, it includes multiple pits and targets orogenic gold deposits, with significant exploration potential and mineral resources totaling 4.1 tons. The first results of an intensive series of drilling operations have confirmed a high gold content.
Takamul
Mining player Takamul will commence ore shipments to Hadeed Al Jubail steel plant by 2024. Takamul is a joint venture between Mauritania’s Société Nationale Industrielle et Minière and Saudi Basic Industries Corporation, which is currently developing an open pit iron ore mine. Established in December 2012, Takamul aims to export 10 million tons of iron ore annually by 2024. Since 2021, both companies have been developing mining operations, including material handling, a pelletizing factory, port, rail transport, and water supply.
Senegal
Diamba Sud
Precious metals mining company Fortuna Silver has acquired the Diamba Sud project from Australian gold miner Chesser. The Diamba Sud Project is an underground gold mine situated within the Senegal Mali Shear Zone. Adjacent to Barrick’s mines in Mali, the project’s total mineral resources are estimated at 14.7 tons. Fortuna plans to prioritize exploration to expand the mineral resource before advancing to development.
Boto
The Boto project, an open-pit gold mine near Mali, formerly owned by Canadian producer IAMGOLD, was acquired in 2023 by Moroccan producer Managem. Covering 236 km2 along the Senegal-Mali border, it boasts indicated resources of 1.23 million ounces and inferred resources of 635,000 ounces, with a significant portion from the Malikoundi deposit.
Guinea-Conakry
Simandou
Global mining group Rio Tinto aims to begin infrastructure work in 2024 for the Simandou project. The Simandou iron ore project, located in Guinea-Conakry, is set to be the world’s largest and highest-grade new iron ore mine. Rio Tinto has invested approximately $11.6 billion alongside the Guinean government and other partners. Initial production is projected to reach 60 million tons per year by 2025. The project involves building two mines, a 552-km railway, and has the potential to aid in decarbonizing the Chinese steel industry.
Kada
Mining producer Asara has updated the reserve estimate of the Kada mine. Asara has outlined a mineral resource of 30.30 metric tons at 0.95 g/t gold for 923,000 ounces, the majority of which is shallow oxide-transitional gold mineralization. Additional drilling has led to a better structural understanding of the estimated reserves and enhanced confidence in the prospect. The Kada gold project, an open pit mine spanning 150 km2 in Guinea’s Sigiuri Basin, is situated 35 km south of AngloGold Ashanti’s Mine Complex.
Kiniero
Canadian producer Robex Resources aims for first gold at the Kiniero mine in mid-2024. The Kiniero gold project involves restarting open-pit mining at the historic Kiniero gold mine in Guinea. It is expected to produce 90,000 ounces of gold annually over a 9.5-year mine life. The processing plant will have a capacity of 3 million tons per year.
Energy Capital & Power is set to host the MSGBC Oil, Gas & Power 2024 conference and exhibition on December 3-4 in Dakar, highlighting the potential investment and partnership prospects in the mineral sector. Don’t miss out, register now.
