The mining industry in Senegal is of intermediate maturity. The discovery of gold in the east of the country (Kédougou), exploitation of zircon at Diogo (in the center of the country, in the Thiès region), and exploitation of phosphate mines and mines support the development of the mining sector. Senegal has encouraged the development of the mineral sector with investment in geophysical surveys, geological mapping, and development of centers for mining documentation and a mining cadastre (Aspermont UK 2009; Bermudez-Lugo 2009; Ngom 2010). Phosphates have led Senegal’s mining operations since the opening of two large mines in the Thies region (about 70 kilometers outside of Dakar) in the 1940s and 1950s. Reserves of calcium phosphates are estimated at 100 million tons and 50–70 million tons of aluminum phosphates, which together give Senegal the potential to be among the top 10 phosphate producers in the world. The exploitation of phosphate is part of a critical project set out by the state in its 2016 Mining Sector Policy Letter. The aim is to make Senegal one of the world’s top three producers of phosphate by 2023.
In 2020, developing economies account for a record share of FDI. They accounted for 72% of global FDI, the highest share ever recorded. Senegal is among the few economies that experienced an increase in FDI flows (39%) in 2020.
Thus, FDI is estimated at 1.5 billion $US in 2020 due to investments in the energy sectors. Senegal exports in 2019 are led by Gold ($679M), Refined Petroleum ($628M), Phosphoric Acid ($346M), Non-fillet Frozen Fish ($322M), and Ground Nuts ($192M). The most common destination for the exports of Senegal are Mali ($960M), Switzerland ($620M), India ($400M), China ($289M),
Senegal released its 2015 and 2016 EITI reports on 16 October 2017, making its EITI report the most up-to-date in Africa. The Board notes that Senegal has made rapid progress in the five years of implementing EITI. The validation confirms that Senegal uses EITI to support reforms in extractive industry oversight and public financial management.
EITI has also asserted that Senegal had made swift progress in its five years of EITI implementation. Validation confirmed that Senegal had used the EITI to support reforms in the oversight of the extractive industries and public financial management
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