Statement

Nouakchott, April 17, 2023: The Board of Directors of the Société Nationale Industrielle et Minière (SNIM) met in regular session on Monday, April 17, 2023 in Nouakchott. The members expressed their satisfaction with the company’s 2022 results, including the level of sales, which for the first time reached 13.35 million tons, for a target of 13.5 million tons.
The improvement in production operations was also acknowledged, resulting in the tipping of 12.8 million tons against 12.6 million tons in 2021 (tonnage transported by rail).
The Board also acclaimed the trade diversification policy, which allowed access to emerging markets, particularly in North Africa and Eastern Europe.
The Board of Directors noted a 23% decrease in the turnover compared to 2021, recording a value of $1.26 billion. The net income also fell 52 per cent, showing $422.55 million, driven by the economic situation caused by the war in Ukraine and the “zero Covid” policy in China.
This situation has led to lower ore prices and, at the same time, higher those for consumed products, spare parts and hydrocarbons, as well as a strong strain on the supply sources.
Moreover, the board noted with satisfaction the completion at the beginning of this year of the dredging of the mineral port channel, the progress of F'dérick projects and the new ship loading line, as well as the efforts made to revive the Al-Aouj and Atomai partnerships.
With regard to the strategic orientation towards the valorization of the company's products, the Board welcomed the signing of the memoranda of understanding in the fields of pelletization and green steel, as well as the study on the delivery of natural gas to Nouadhibou
The Council also welcomed the efforts of the public authorities to develop new energy sources such as gas and green hydrogen, without which the transformation of the ore could not be envisaged.
With regard to the mining diversification policy, the Board expressed its interest in the research works on gold and base metals carried out by the Company in the Wilaya of Inchiri.
On support for human resources, the Council confirmed its interest in human capital and approved a package of incentive measures aiming at improving the purchasing power and social framework of workers.
The Board also commended the company’s support to its subcontractors to comply with government decisions to increase minimum wages. It supports the recommendations made to subcontractors to improve the conditions of their workers, in order to support our commitments in terms of responsibility to society.
The Council welcomed the achievements of the SNIM Foundation in the fields of education, health, core services and local development in the Wilayas of Tiris Zemmour, Adrar and Dakhlet-Nouadhibou.
It expressed the appreciation for the contribution of SNIM to the national economy, amounting to 22% of Budget revenue, 9% of GDP and 32% of the country’s exports (these ratios remain provisional pending the publication of final figures by the administrations concerned.)