Press Release

Nouakchott, April 30, 2024

The Board of Directors of the Société Nationale Industrielle et Minière (SNIM) convened in a regular session on Tuesday, April 30, 2024, in Nouakchott. The Board expressed great satisfaction with the operational results achieved in 2023 by the company, notably surpassing the mark of 14 million tons in annual sales for the first time.
The Board also welcomed the improvements made to the production chain, which led to a notable increase in excavation works in 2023.
Additionally, the Board praised the success of the commercial diversification strategy, which has effectively expanded our customer portfolio into new promising markets.
Despite an international context marked by economic and geopolitical turbulences, SNIM’s revenue grew by approximately 8%, rising from 1.26 billion USD in 2022 to 1.37 billion USD in 2023. However, the Board noted a 6% decrease in net earnings, which amounted to 396 million USD in 2023. This decrease is primarily attributed to high inflation and increased expenditures.
Furthermore, the Board acknowledged the progress in the projects of the second loading line at the port, the F’derick mine, the 30MW thermal power plant, and the 12MW solar power facility, which will soon contribute to reducing SNIM’s carbon footprint.
Recent advancements in the El-Aouj and Atomai partnership projects were also met with satisfaction by the Board.
This session was an opportunity for the Board to review and endorse SNIM’s 2024-2045 strategy, aiming to:
•    Scale up by increasing production capacity and enhancing value-added, integrating ore processing into pellets and DRI/HBI steel.
•    Ensure the company’s competitiveness through a comprehensive cost-reduction program.
•    Diversify SNIM’s activity portfolio toward new minerals that are already the focus of research campaigns.
The Board then commended the establishment of agreements in ore processing, as well as the recently signed memorandums of understanding in the context of green hydrogen. It also highlighted the public authorities’ initiatives to promote new energy sources such as natural gas and green hydrogen, essential to our transformation strategy.
Regarding human resources support, the Board once again confirmed its interest in human capital and approved a set of motivational measures aimed at improving the purchasing power and social environment of the workers.
The Board commended the achievements of the SNIM Foundation in the fields of education, health, basic services, and local development, in the regions of Tiris Zemmour, Adrar, and Dakhlet-Nouadhibou.
Finally, it celebrated SNIM’s contribution to the national economy, accounting for 14% of the budget’s revenue, 9% of GDP, and 37% of the country's exports. (These figures are provisional pending confirmation by the competent institutions).

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