Why Senegal? Economically the country has a huge potential mainly due to mineral resources, including phosphates, mined there in the quantity of 500-800 thousand tonnes per year. Due to their use in the chemical and fertilizer market they are an excellent export good.
Senegal is an important country in the political and economic map of West Africa. Due to its location the Dakar port is one of the key and strategic points, which is a kind of "gateway" to West Africa. Its so also because of membership in the West African Economic and Monetary Union. Although Senegal is not without tensions, however, it is treated as the most stable economy in the continent. This macroeconomic situationfavors the growth of GDP, maintaining low inflation and reducing the current account deficit.
Poland has not a long tradition of creating a business in Senegal, but its we who noticed a lot of unexplored possibilities, much more than in developed countries, hence our decision to invest in this country was obvious.
At the beginning of 2011 through the company opened by us in the Senegal — African Investment Group SA, where 90% of the shares belonged to the company DGG ECO, we started a project from the zero level. We obtained concessions from the government of Senegal for exploration of deposits, we have assembled a team of geologists, driller team, we have provided our own drilling equipment, laboratory and technical facilities and social services. The result of hard work was the opening in 2013 phosphate strip mine and start mining the raw material.
By obtaining a new source of supply of raw materials, we have become an interesting partner for Chemical Plant "Police" The cooperation with us had opened the opportunity to protect them against fluctuations in raw material prices, the possibility of direct access to raw materials avoiding production stops and lowering their cost of purchase.
After months of negotiations, on 28.08.2013, we have decided to sell 55% of shares in African Investment Group SA to Grupa Azoty – Z.Ch. Police, signing a contract for the sale of shares for the amount of 28.55 million.