Opening a mining company in Senegal requires having mining rights in Africa. Such rights may include the following:
Applying for Exploration Permit in Senegal
Any legal entity can obtain permission for mineral exploration in Senegal, in its entire territory or only in a certain part under the conditions established by the country’s legislation. The permit is issued for a period of no more than six months.
Obtaining a Mineral License in Senegal
Upon obtaining permission to conduct mineral extraction in Senegal, any legal entity may engage in this activity for 4 years. This license can be renewed twice, but it should be borne in mind that with each renewal, the extraction area is reduced by one quarter.
Obtaining a Mining License in Senegal
Only local legal entities can obtain a mining license in Senegal. Such a license shall be issued for a period of not less than five years & not more than twenty years. A mining permit in Senegal may be extended for one or more periods.
Obtaining an Oil & Gas Permit in Senegal
Starting an oil and gas business in Senegal requires obtaining the following permits for oil production in Senegal:
- exploration permit
- hydrocarbon exploration permit in Senegal
- concession for hydrocarbon production in Senegal
Want more information on obtaining a mining license in Senegal? IQ Decision UK is always at your service.
Those planning on registering a mining company in Senegal should bear in mind that the country’s government must be paid a fee of ten percent of the company’s share capital. Under certain circumstances, a government stake may increase by an additional twenty five percent.
It should also be kept in mind that foreigners are entitled to obtain permission to participate in mining projects in Senegal.
Exporting Minerals from Senegal
If all relevant regulations are abided by, entrepreneurs have the right to export minerals from Senegal without any restrictions.
Transfer of Mining Rights in Senegal
Those interested in alienation of mining rights in Senegal should take the following steps:
- obtain permission from the Ministry of Mining & Geology
- pay state duties
There are no restrictions on the transfer of mining licenses in Senegal, nor are there any limitations on a controlling stake in a mining company.
After receiving a permit for exploration of minerals in Senegal, its holder receives a non-exclusive right to conduct research & exploration in the permitted territory. It also provides them with the following rights:
- occupy & use land
- carry out construction work
- search & extract building materials
- deforestate within a permitted area;
- explore for water
Mining Royalty in Senegal
Currently, individuals & companies entitled to conduct mineral exploration in Senegal must pay annual “district royalties” whose amount is established by the country’s government.
Opening a mining company in Senegal requires assistance of experienced legal professionals. IQ Decision UK can provide you with comprehensive legal help at all stages of incorporation of a mining company in Senegal. We can also help you with obtaining mining permits in Senegal.