AGP Executive Report

Mining Investment: Mauritania is among eight countries launching World Bank metals-and-minerals compacts to attract investment and strengthen the sector. Resource Trade Rules: Mauritania also joined 10 countries seeking negotiations on a UN protocol targeting environmental crimes, including illegal mining and gold trafficking. Energy Projects: Aura Energy is aiming for a final investment decision on its Mauritania project this year; the government says gas extraction delays are due to technical issues. Trade Links: The Canary Islands exported €72.5 million in goods to Mauritania in 2025, nearly a third of Spain’s sales to the country. It counts 285 Mauritanian-exporting companies, with opportunities in fisheries, agribusiness, water, renewables and extractive-sector services.

Mining Investment: Mauritania is among eight countries included in new World Bank metals and minerals compacts, which aim to attract private investment and strengthen responsible mining, infrastructure and local supply chains. Mining and Traceability: A report on gold sourcing says the London Bullion Market Association found no rules had been broken after learning in 2021 that a refinery received gold from small-scale Mauritanian mines without disclosure or inspections. Trade: The Canary Islands supplied €72.5 million in goods to Mauritania in 2025—32.7% of Spain’s exports to the country—with opportunities flagged in fish processing, agribusiness, water, renewables and extractive-industry services. Energy: Aura Energy is targeting a final investment decision on its Mauritania project this year. Pharmaceuticals: Algeria’s Saidal says Mauritania has placed orders and expressed interest in its medicines, though it gave no contract values or shipment details.

Energy & Mining: Aura Energy is targeting a final investment decision on its Mauritania project this year. Guinea-Bissau’s resources minister will also attend MSGBC 2026 with Petroguin as offshore exploration advances across the region. Trade: Canary Islands businesses exported €72.5 million in goods to Mauritania in 2025, 32.7% of Spain’s total sales to the country, and imported €58.9 million. Of 285 Canary Islands firms exporting to Mauritania, 108 do so regularly. Agriculture: Mauritania and Spain discussed cooperation on water management, productivity, renewable energy, farm finance and insurance; the World Bank also reaffirmed support for agricultural development. Gold Oversight: A New York Times investigation says the London Bullion Market Association knew in 2021 that Istanbul Gold Refinery received undeclared gold from small-scale Mauritanian mines. The association concluded that no rules were broken.

Economic Partnerships: Mauritania’s finance and economic affairs officials held talks with the IMF, Islamic Development Bank, Coris Bank and China’s ambassador on cooperation; the energy minister also met the World Bank’s resident representative. No new financing was announced. Gold Supply Chain: A New York Times investigation says the LBMA learned in 2021 that Istanbul Gold Refinery had received gold from small-scale Mauritanian mines without disclosure or reported inspections, but found no rules had been broken. Mining Investment: Aura Energy is aiming for a final investment decision this year on its Tiris uranium project in Mauritania, a potential step toward developing the country’s mineral sector. Trade Links: The Canary Islands accounted for €72.5 million, or 32.7%, of Spain’s exports to Mauritania in 2025; officials cite opportunities in fisheries, agribusiness, water, renewable energy and services for the extractive sector.

Economic Ties: Mauritania and Germany are exploring ways to strengthen economic cooperation. Separately, Spain’s Trade Minister met Mauritania’s trade minister to discuss commerce and tourism. The Canary Islands exported €72.5 million in goods to Mauritania in 2025—32.7% of Spain’s total sales to the country—and count 285 Mauritanian-exporting firms. Agriculture: Mauritania’s agriculture minister and the World Bank’s resident representative discussed support for food security, farm productivity and infrastructure. Talks with Spain also focused on water management, renewable energy, financing and agricultural insurance. Mining and Energy: Aura Energy is targeting a year-end investment decision for its Tiris uranium project. A feasibility study estimates $500 million in project value, with construction requiring $349.8 million and a planned 26-year mine life. Household Markets: The government and gas distributors agreed to set prices for domestic butane bottles; officials said supplies remain available without disruption. Investment Outreach: At a Japan-Africa business forum, Mauritania promoted investment opportunities and highlighted fish processing as a potential area for deeper cooperation.

Economic Ties: Mauritania and Germany are exploring ways to deepen economic cooperation, while talks with Spain focused on trade and tourism. The Canary Islands accounted for €72.5 million, or 32.7%, of Spain’s exports to Mauritania in 2025; opportunities include fisheries, agribusiness, water and renewable energy. Agriculture: Mauritania’s agriculture minister discussed Spanish expertise in water management, production and farm finance, and sought continued World Bank support to modernize farming and improve food security. Mining Investment: Aura Energy is targeting a year-end investment decision on its Tiris uranium project. A feasibility study forecasts annual output of 1.8 million pounds and a 28% return, with development capital of about US$350 million. Investor Outreach: At a Japan-Africa economic forum, Mauritania promoted its investment opportunities and highlighted fish processing as a potential area for cooperation.

Uranium Investment: Aura Energy is targeting a year-end investment decision for Mauritania’s Tiris project. Its feasibility study estimates a US$500 million net present value, 28% returns and annual output of 1.8 million pounds of uranium. Trade and Investment: At the Japan-Africa economic forum, Mauritania pitched its investment opportunities and called for deeper cooperation, particularly in fish processing. Energy Costs: The government and gas distributors agreed to fix domestic butane-cylinder prices, aiming to protect consumers and curb speculation. Development Finance: Mauritania and the World Bank are refining reforms that could unlock funding under the Prevention and Resilience Allocation, with priorities including resource governance and economic opportunities for women and young people. Infrastructure: France signed a €43 million financing protocol to expand the Aftout coastal water network, improving supply to Nouakchott and communities along the pipeline.

Uranium Investment: Aura Energy is targeting a final investment decision by year-end on its Tiris uranium project, following a meeting with Mauritania’s petroleum and energy minister. Energy Prices: The government and gas distributors agreed to fix prices for household butane cylinders, with officials saying supply remains stable. Trade and Investment: At the Japan-Africa economic forum, Mauritania promoted investment opportunities and called for deeper cooperation, particularly in fish processing. Infrastructure Finance: France signed a €43 million financing protocol to expand the Aftout coastal water network, supporting supplies to Nouakchott and communities along the pipeline. Development Funding: Mauritania and the World Bank are reviewing priority reforms to qualify for funding under the Prevention and Resilience Allocation.

Water Investment: Mauritania and France signed a €43 million financing protocol to expand the Aftout coastal water network, improving supply for Nouakchott and communities along the pipeline. Gas Sector: The government says technical complexity and pandemic disruption delayed gas extraction, while Mauritania and Senegal review project costs; officials deny a crisis between partners. Investment Drive: Mauritania is courting French investors in fisheries, agriculture and livestock processing, and Chinese industrial investment, including value-added processing and packaging in the maritime sector. Infrastructure: Nouakchott’s emergency development plan includes 160 kilometres of paved roads and expanded electricity and water networks. Minerals and Finance: Mauritania is among eight countries with new World Bank critical-minerals compacts aimed at building local industries and retaining more value at home. The International Trade Finance Corporation has also signed a $1 billion framework agreement for Mauritania.

Water Investment: Mauritania and France signed a €43 million financing protocol to expand the Aftout coastal water network, improving supply for Nouakchott and communities along the pipeline. Energy: The government says gas extraction has been delayed by technical complexity and the pandemic, while Mauritania and Senegal review project costs. It also says restructuring the electricity company should improve production, distribution and rural access. Mining: Mauritania is among eight countries with new World Bank critical-minerals plans focused on attracting investment and building local industries. Separately, Africa Finance Corporation is exploring iron-ore and uranium investments in the region, while Aura Energy’s Tiris uranium study points to a year-end development decision; funding is still unsecured. Trade and Investment: Mauritania’s economy minister discussed French investment opportunities in fisheries, agriculture and livestock, with a French business delegation expected next year. Climate Finance: A new $78 million Great Green Wall programme involving Mauritania aims to restore degraded land and support livelihoods across nine countries.

Land Restoration: A new US$78 million Great Green Wall programme includes Mauritania and aims to restore 270,000 hectares and improve livelihoods for five million people across nine countries. Mining Investment: The Africa Finance Corporation is exploring iron ore and uranium investments in Africa, with Mauritania among four countries whose combined iron ore output could rival the world’s top three producers within a decade. The World Bank has also included Mauritania in its critical-minerals initiative to build local industries and jobs. Tiris Uranium: Aura Energy’s feasibility study estimates a US$500 million post-tax value for the Mauritanian project, with a December investment decision targeted; funding is not yet secured. Development Finance: The International Islamic Trade Finance Corporation has signed a US$1 billion framework agreement for Mauritania, supporting access to essential imports.

Critical Minerals: Mauritania is among eight countries launching World Bank compacts to develop local mineral industries, improve licensing and build skills. The Bank aims to quintuple its critical-minerals business over five years. Tiris Uranium: Aura Energy’s feasibility study estimates a US$500 million post-tax value and US$350 million in development costs. The company is targeting a December investment decision, but funding is not yet secured. Mining Investment: Africa Finance Corporation is exploring iron-ore and uranium investments, with Mauritania among four West African countries whose combined iron-ore output could rank among the world’s top three within a decade. Energy and Finance: Mauritania’s new energy minister takes office amid power-sector strain and recent Nouakchott substation fires. Separately, the International Trade Finance Corporation signed a US$1 billion framework agreement with Mauritania, mainly supporting imports such as petroleum.

Critical Minerals: Mauritania is among eight countries launching priorities under the World Bank’s new minerals initiative, which aims to expand its critical-minerals business fivefold in five years and build local industries and jobs. Trade Finance: The International Trade Finance Corporation signed a $1 billion framework agreement with Mauritania; much of its lending supports fuel and other imports. Tiris Uranium: Aura Energy’s feasibility study puts the project’s estimated development cost at $350 million and post-tax value at $500 million. The company is targeting a December investment decision and first production by 2028, but has yet to secure funding. Mining Investment: Africa Finance Corporation is exploring iron-ore and uranium investments across the continent. It says West African producers, including Mauritania, could together rank among the world’s top three iron-ore producers within a decade.

Critical Minerals: Mauritania is among eight countries launching priorities under the World Bank’s plan to increase its critical-minerals business fivefold over five years, with reforms aimed at attracting investment and building local industries. Mining Investment: Africa Finance Corporation is exploring iron-ore and uranium investments, with announcements possible within 6–12 months. It says regional iron-ore output, including Mauritania’s, could rank among the world’s top three producers within a decade. Tiris Uranium: Aura Energy’s feasibility study estimates a US$500 million post-tax value for its Mauritanian project at a uranium price of US$90 a pound. The company is targeting a December investment decision, but funding remains unsecured; development capital is estimated at US$350 million. Development Finance: The Islamic Trade Finance Corporation has signed a US$1 billion framework agreement with Mauritania, part of a wider push to finance fuel imports and other trade.

Uranium Development: Aura Energy’s feasibility study for Mauritania’s Tiris project estimates a 26-year mine life, US$500 million post-tax value and US$350 million in development costs. The company is targeting a December investment decision and first production by 2028, but still needs to secure funding; its cash covers about two quarters of spending. Mining Investment: Africa Finance Corporation is exploring iron-ore and uranium investments, with Mauritania among four West African countries whose combined iron-ore output could rank among the world’s top three producers within a decade. AFC says it hopes to announce investment plans in the next six to 12 months.

Uranium Development: Aura Energy’s feasibility study puts Mauritania’s Tiris project on a path to a December investment decision, with first production targeted by the end of 2028. It estimates a 26-year mine life, $500 million in post-tax value at a uranium price of $90 a pound and $350 million in development costs. Funding remains unsecured, and Aura says its cash covers about two quarters of spending. Mining Investment: Africa Finance Corporation is exploring investments in iron ore and uranium across the continent, with announcements possible in the next 6–12 months. It says production from Mauritania and three neighboring West African countries could make the region a top-three iron ore producer within a decade. Economic Cooperation: Mauritania’s economy minister met separately with IMF and World Bank representatives in Nouakchott to discuss cooperation and strengthening ties.