The Senegal’s Sovereign Wealth Fund (FONSIS) and Société des Mines du Sénégal (SOMISEN S.A.) have announced the signing of a partnership agreement for the creation of a national comptoir and a refining plant for gold from small-scale and semi-mechanised mines. This strategic agreement represents a major step forward in the local processing of mining resources.

Through this partnership, FONSIS and SOMISEN intend to mobilise national and international investment to carry out these structuring projects, which will strengthen Senegal's economic sovereignty in the mining sector.

"Local processing of mining resources is a key issue for economic sovereignty. This partnership between FONSIS and SOMISEN is therefore of vital importance for the mining sector. It will enable the creation of the first gold refining company with Senegalese capital", said Babacar Gning, Managing Director of FONSIS.

Ngagne Demba Touré, Managing Director of SOMISEN, also stressed that "This agreement is a key milestone in the implementation of the Competitive Economy axis of the Senegal Vision 2050 National Transformation Agenda, which aims to make the mining sector an engine of growth."