Mining

Gabon set to revise its mining code to turn into “destination of choice for investors”

Wednesday, 08 July 2015 14:07

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 6th 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.

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