(Ecofin Agency) - The mining sector in the African context is “highly competitive” and has pushed a lot of African countries, some with lesser mineral potential than Gabon, to change their legal framework.

This is, in a nutshell, the point of view of Fabrice Nzé-Békalé, CEO of Société Equatoriale des Mines (SEM), who expressed himself in an interview given on 6^th July to GabonReview.com.

He estimated that, for Gabon who wishes to become “a very important mining country, the revision of its old code is a must to not be left on the sidelines of these dynamics and to position itself as a destination of choice for investors”.

SEM’s CEO further clarifies that the new mining code of Gabon is a result of the synergy of its various participants. Praising the assets of this legal arsenal, he reports that the document makes provision for the state to benefit from a guaranteed 10% in every mining project in operation. “The state will also have the option to increase its participation up to 35% but it will have to negotiate the sales price of the next 20%”, he explained, adding that the code clearly defines that these shares will held by SEM on behalf of the state.