Senegal’s economy is based on agriculture, primarily groundnuts, cotton, grain crops, livestock and fishing; industry, primarily food processing, gold, iron ore and phosphate mining, fertilizer and cement production and downstream petroleum products; and services, which are the main contributor to Senegal’s GDP.
The estimated 2011 GDP breakdown by sector is: agriculture 15.4%; industry 22.6% (minerals industry approximately 20%) and services 61.9%. The minerals industry is responsible for approximately 20% of Senegal’s export earnings. Foreign exchange is also derived from tourism. Agriculture supports over three quarters of the labor force.
The government is generally pro-mining and passed a new Mining Code in November 2003. Under the Mining Code, appropriate governmental authorization is required to undertake any form of mining activity. In this regard, the right to explore minerals is conferred only by a permit of exploitation or a mining concession. An exploration permit for mineral exploration activities is granted for a period not exceeding three years, and is renewable. During the exploration phase, the permit holder is exempt from sales tax and duties on imported equipment and supplies necessary for exploration activities, as well as on fuel used for operation of stationary installations.
The Company has signed Joint Venture agreements with the Benkanto and Sining Kang Mines. Both have already received a mining license and approval from the Senegal Government on property that is known to have gold deposits of 48 to 50 grams per ton. The ore type for both mines is Eluvionaire and Lode and composed of 80% quartz (7) hardness, according to the Mohs Hardness Scale. The mining method we intend to use is the Hard Rock open pit, crush and grind method. The ore is washed, separated according to size and delivered, to the mill ball machine for additional processing and then on to the concentrator to extract the gold.
The gold mining facility will also have all of the necessary chemical treatment and smelting equipment to allow the business to shape its collected gold into 1 kilogram bars for resale to the open market.
The Benkanto Mine is located in South Eastern Senegal in the Kedougou Region. The mine is scheduted to begin operations in early July 2014
Mingo Affiliate’s mission is to cost effectively extract gold from known precious metal deposits with the intent to sell the refined precious metal to the open market.
The Sining Kang Mine is located in the Kedougou Region of Senegal near the Benkanto Mine. The mine is schedule for operations in JUly of 2014
The GIE TEC Mine is scheduled for operations in the early months of 2014. This is a 1250 acre project with gold deposits in the range of 48 to 50 Grams per ton.
MASI has assembled a highly skilled mining staff including, geologist, engineers, mining specialist, drivers, plant operators, heavy equipment operators and administrative support staff to achieve the company's mining goals.