• President Faye urges swift adoption of Senegal’s revised mining code
• Reform aims to ensure transparent, inclusive, and sustainable governance
• Move aligns with regional trend of strengthening state benefits from mining

Senegalese President Bassirou Diomaye Faye has called for the adoption of the new mining code bill before the end of 2025. He made the statement during the Council of Ministers meeting on November 12, urging the government to accelerate the work.

Senegal began revising its current mining code this year, in place since 2016, following the rise to power of the Diomaye Faye–Ousmane Sonko leadership. Although no details have been provided on the objectives of the reform, the president emphasized the need “to establish transparent, inclusive, and sustainable mining governance,” according to the meeting’s official summary.

These statements come at a time when several West African countries have recently revised or are revising their mining laws. In Burkina Faso and Mali, reforms have increased the minimum state participation in mining projects, with up to 35% of shares reserved for nationals in Malian mines, including 5% for local investors.

Across the subregion, governments want mining revenues to benefit their countries more significantly. In his remarks, the Senegalese president also called for the continued “efficient activation of the Mining Rehabilitation Fund and the Local Government Development Fund,” two mechanisms for redistributing mining revenues and financed by mining companies.

In Senegal, the main exploited minerals are gold and phosphates. In 2023, the mining sector accounted for 91% of the 380 billion CFA (672 million USD) in revenues generated by the extractive sector, according to the Extractive Industries Transparency Initiative (EITI). The institution notes in its 2023 report that the extractive sector represented 31.89% of Senegal’s exports, 9.4% of state revenues, and 4.7% of GDP.

While the implications of the revised mining code for Senegal’s sector remain to be detailed, such regulatory changes can lead to friction with the mining industry.

With its new mining code, Mali expects additional revenues of 500 billion CFA, but the reforms have created tensions with some gold producers. A key example is the country’s largest gold mine, Loulo-Gounkoto, which was shut down for part of 2025 by its Canadian owner Barrick before being reopened by Malian authorities.