Press Release: Board of Directors meeting

Nouakchott, April 29, 2025

Press Release

During its ordinary session on Tuesday, April 29, 2025, in Nouakchott, the Board of Directors of the National Industrial and Mining Company (SNIM) expressed its satisfaction with the company's operational results in 2024, highlighting in particular the crossing, for the second time, of the threshold of 14 million tons of annual sales, recording a new record of 14.226 million tons in 2024.

The Board also welcomed the improvements made to the production chain, which made it possible to reach historic levels of earthmoving (138 million tons) and tipping (14.3 million tons) in 2024.

The Board also noted with satisfaction the success of the commercial diversification strategy, which made it possible to enter new promising markets, particularly in the Middle East, and to increase the number of customers.

Although SNIM's turnover decreased in 2024, from $1.37 billion in 2023 to $1.15 billion, mainly due to the drop in iron ore prices, the Board noted that high inflation, affecting the prices of consumer goods and transport costs, also contributed to the reduction in net income, which stood at $268 million in 2024, compared to $396 million the previous year.

The Board also welcomed the commissioning of the new loading line, increasing the capacity of the mineral port by 5000 tonnes/hour. The progress of the F'dérick project and the 30MW thermal power plant were highlighted, as well as the commissioning of the 12MW solar power plant, contributing to the reduction of SNIM's carbon footprint.

The recent progress of the El-Aouj and Atomai partnership projects was welcomed by the members of the board.

The board also welcomed the gradual implementation of the PSE (Corporate Strategic program), which last year saw the designation of leads and sponsors for its 21 initiatives spread across 13 programs.

The board examined Law 02/2025 relating to public establishments and companies and noted that SNIM complies with all the provisions applicable to it. In this context, it approved the attachment of the internal audit function to the audit committee of the board of directors, with the aim of strengthening its functional independence and optimizing its contribution to the company's performance.

The Board of Directors reaffirmed, once again, its commitment to human capital and approved incentive measures aimed at improving the purchasing power and social framework of workers.

In line with its policy of facilitating workers' access to home ownership, the SNIM Board of Directors approved the launch of a program to build 1,000 homes in the cities of Nouadhibou and Zouérate. The first phase of this project provides for the construction of 529 units. The Société Générale de Promotion Immobilière (GPIM), a subsidiary of SNIM, will be responsible for supervising the implementation of this program.

The board also highlighted the achievements of the SNIM Foundation in education, health, basic services and local development in the regions of Tiris Zemmour, Adrar and Dakhlet-Nouadhibou.

Finally, the board welcomed SNIM's significant contribution to the national economy, representing 11% of budget revenues, 6% of GDP and 29% of the country's exports in 2024.

Direction of Communication and Social Action