导语 西非稳定经济体与油气新贵的矿业转型 West Africa's Stable Economies and the Mining Transition 第一部分 矿产资源与矿业产业概览 Part I · Mineral Resources & Mining Industry Overview 一、矿产资源结构与主要矿种 Mineral Structure & Major Commodities 二、矿业发展现状与趋势 Industry Status & Trends 三、核心挑战 Core Challenges 四、趋势展望 Outlook 第二部分 矿业监管、外资准入及投资合规 Part II · Regulation, FDI Access & Investment Compliance 一、外国投资法律制度 Foreign Investment Legal Regime 二、矿业监管与外资准入制度 Mining Regulation & FDI Access 三、矿业投资合规制度 Compliance Requirements for Mining Investment ???? 结语 制度稳定红利下的精细化合规 Closing · Fine-tuned Compliance 塞内加尔共和国位于非洲大陆最西端，北接毛里塔尼亚，东邻马里，南接几内亚与几内亚比绍，西濒大西洋，国土面积19.67万平方公里，人口约1906万。作为西非经济货币联盟（UEMOA）核心成员国与法语区最稳定的民主政体之一，塞内加尔长期以磷酸盐、黄金与渔业著称；而2024年以来桑戈马尔海上油田与北部天然气田相继投产，使其正式跻身非洲新兴油气生产国行列，资源版图正被重新书写。 The Republic of Senegal sits at the westernmost tip of Africa, bordered by Mauritania to the north, Mali to the east, and Guinea and Guinea-Bissau to the south, with the Atlantic Ocean to the west. Covering 196,722 km² with a population of around 19.06 million, it is a core member of the West African Economic and Monetary Union (UEMOA) and one of the most stable democracies in francophone Africa. Long known for phosphates, gold and fisheries, Senegal formally entered the ranks of emerging oil and gas producers after the Sangomar offshore field and its northern gas field came on stream from 2024 onwards, redrawing its resource landscape. ⚡ 政策速览 / Policy Snapshot 自2024年以来，塞内加尔政府持续推动对部分战略领域合同、公约及矿业权履约情况进行审查，并于2026年进一步公布重新谈判结果——官方表述为"对战略领域已签订公约与合同的重新谈判"（renégociation des conventions et contrats conclus dans les secteurs stratégiques），矿业与采石业已被纳入其中。与此同时，2022年《矿业部门本地化法》（Loi n°2022-17）与2023年配套实施法令系统性强化本地就业、本地采购、技术转让与本地企业参与要求；2025年新《投资法典》（Loi n°2025-16）落地，进一步重塑外资准入与优惠制度框架。 Since 2024, the Senegalese government has continuously advanced its review of contracts, conventions and mining-title performance in selected strategic sectors, and in 2026 further announced the outcomes of renegotiations — officially framed as the "renegotiation of conventions and contracts concluded in strategic sectors" (renégociation des conventions et contrats conclus dans les secteurs stratégiques), which now explicitly covers mining and quarrying. In parallel, the 2022 Local Content Law in the Mining Sector (Loi n°2022-17) and its 2023 implementing decrees systematically reinforced local employment, procurement, technology transfer and participation requirements, while the new 2025 Investment Code (Loi n°2025-16) reshaped the framework for foreign-investment access and incentives. 对矿业投资者而言，塞内加尔的机会与风险同样清晰。制度端——稳定的宪政框架、成熟的矿业法典与矿业公约体系，叠加 2025 年新《投资法典》对外资优惠的整合，构成非洲罕见的确定性红利；但政策端——新政府矿业民族主义抬头、本地化义务趋严、凯杜古矿区手工采金冲突频发，加之目前中国与塞内加尔尚未签署双边投资协定（BIT），投资者缺乏可直接援引的双边实体保护与 ISDS 机制，则是必须正视的现实约束。本篇从资源禀赋与产业现状出发，系统梳理塞内加尔矿业投资的法律与商业环境，供中资矿业投资者参考。 For mining investors, Senegal's opportunities and risks are equally visible. On the institutional side, a stable constitutional framework, a mature Mining Code and mining-convention system — reinforced by the consolidation of foreign-investment incentives in the new 2025 Investment Code — deliver a rare dividend of certainty in Africa. On the policy side, however, rising resource nationalism, tightening localisation duties and frequent artisanal-mining conflicts in the Kédougou region are real constraints. Crucially, China and Senegal have not yet concluded a bilateral investment treaty (BIT), leaving Chinese investors without an invokable bilateral substantive-protection and ISDS mechanism. This article reviews Senegal's resource endowment and industry status before systematically mapping the legal and commercial environment for mining investment, as a reference for Chinese mining investors. 1. 黄金（Gold）——塞内加尔工业金矿集中于东南部凯杜古大区（Région de Kédougou），代表性在产矿山包括 Sabodala 与 Mako，成矿背景为西非克拉通曼地盾（莱奥—几内亚地盾）凯杜古—凯涅巴内窗的比里米安绿岩带，属造山型金矿。据 USGS 统计，2023 年全国黄金产量约 12.6 吨、2022 年约 14.9 吨，叠加大量未纳入统计的手工采金（orpaillage），实际产量显著更高。区域已发现 Sabodala、Massawa、Makabingui、Mako、Loulo、Gounkoto 等一系列矿床，深部与外围勘探潜力仍大。 Gold — Senegal's industrial gold mining is concentrated in the Kédougou region in the southeast, with flagship producing mines including Sabodala and Mako. The metallogenic setting is the Birimian greenstone belt of the Kédougou–Kéniéba inlier on the West African Craton (Leo–Man Shield), hosting orogenic gold. According to USGS statistics, national gold output reached about 12.6 tonnes in 2023 and 14.9 tonnes in 2022, with significant additional artisanal production (orpaillage) outside the official statistics. A string of deposits — Sabodala, Massawa, Makabingui, Mako, Loulo and Gounkoto — have been identified, leaving substantial deep and peripheral exploration potential. 2. 磷酸盐（Phosphates）——磷酸盐是塞内加尔的传统支柱矿产与四大创汇产业之一，磷酸钙储量约 1 亿吨、磷酸铝储量约 5000 万—7000 万吨，集中分布于西部泰斯（Thiès）一带，支撑起非洲重要的磷肥产业链，是塞内加尔矿业中开发程度最高、商业化最成熟的矿种。 Phosphates — a traditional pillar commodity and one of Senegal's four major foreign-exchange earners. Calcium phosphate reserves stand at about 100 million tonnes and aluminium phosphate at about 50–70 million tonnes, concentrated in the western Thiès area. Phosphates underpin an important African fertiliser chain and are the most developed and commercially mature mineral in Senegal's mining sector. 3. 锆石（Zircon）——锆石储量约 8 亿吨，位居世界前列，属滨海砂矿型资源，主要分布于大西洋沿岸。受制于开采技术与配套投资不足，这一世界级资源长期处于低度开发状态，是塞内加尔最具增量想象空间的矿种之一。 Zircon — with reserves of about 800 million tonnes, among the largest in the world, occurring as coastal placer deposits along the Atlantic shoreline. Constrained by insufficient extraction technology and supporting investment, this world-class resource has long been underdeveloped, making it one of Senegal's most promising commodities for future growth. 4. 铁矿（Iron Ore）——法莱梅铁矿区（Falémé）位于东南部，是西非重要的铁矿成矿带，政府曾提出年产 1500 万—2000 万吨的开发目标，但受铁路、矿石码头与港口等基础设施瓶颈制约，长期停留在远景资源阶段。2024 年政府暂停法莱梅河左岸 500 米范围采矿活动，进一步凸显该区开发的政策不确定性。 Iron Ore — the Falémé iron-ore district in the southeast is a significant West African iron metallogenic belt. The government once targeted annual output of 15–20 million tonnes, but railway, ore-jetty and port bottlenecks have kept the resource at a prospective stage. The 2024 suspension of mining within 500 metres of the left bank of the Falémé River further underscores the policy uncertainty surrounding its development. 5. 石油与天然气（Oil & Gas）——2024 年 6 月，桑戈马尔（Sangomar）海上油田开采出第一桶原油；2025 年 1 月，北部与毛里塔尼亚联合开发的 Grand Tortue Ahmeyim（GTA）天然气田投产。海上油田预估储量约 37 亿桶，油气资源正重塑塞内加尔的资源版图与财政结构，也为矿业投资的外汇与宏观环境带来新变量。 Oil & Gas — first oil from the Sangomar offshore field was extracted in June 2024, and the Grand Tortue Ahmeyim (GTA) gas field, jointly developed with Mauritania to the north, came on stream in January 2025. Offshore reserves are estimated at around 3.7 billion barrels. Hydrocarbons are reshaping Senegal's resource map and fiscal structure, while introducing new variables into the foreign-exchange and macro environment for mining investment. 总体评价 / Overall Assessment 塞内加尔矿产资源的特征是"传统支柱稳健、增量潜力未释放"——磷酸盐与黄金奠定基本盘，锆石、铁矿与油气构成远景空间。但与刚果（金）等"大而全"的成熟矿业经济体不同，塞内加尔的矿业商业化深度有限，大量资源仍停留在探明与远景阶段。塞内加尔矿业投资的真正难题不在资源禀赋，而在开发条件的配套——基础设施、本地化义务与政策连续性，共同决定了项目的落地节奏。 Senegal's resource profile is best described as "solid traditional pillars with untapped incremental potential" — phosphates and gold anchor the base, while zircon, iron ore and hydrocarbons open the forward-looking space. Unlike "broad and deep" mature mining economies such as the DRC, however, Senegal's mining commercialisation remains shallow, with much of its resource base still at the identified or prospective stage. The real difficulty in Senegalese mining investment lies not in endowment but in development conditions: infrastructure, localisation obligations and policy continuity jointly set the pace of project delivery. 塞内加尔矿业呈现"黄金领跑、磷酸盐稳健、油气崛起"的格局。工业金矿以凯杜古大区为绝对核心，Sabodala 与 Mako 等矿山由国际矿业公司运营，构成正规产能主体；与此同时，凯杜古地区手工采金活动活跃、从业人员规模庞大，与工业矿权区形成既共生又冲突的复杂关系。磷酸盐产业链相对成熟，支撑磷肥出口。2024 年油气投产为矿业宏观环境注入增量，但也推高了对财政透明度与资源收益分配的关注。 Senegal's mining industry presents a pattern of "gold leading, phosphates steady, and oil and gas rising". Industrial gold mining is anchored almost entirely in the Kédougou region, where mines such as Sabodala and Mako are operated by international companies and constitute the bulk of formal output. At the same time, vibrant and large-scale artisanal mining coexists — and frequently conflicts — with industrial title areas. The phosphate chain is comparatively mature and supports fertiliser exports. The 2024 start-up of oil and gas production has injected momentum into the mining macro environment while heightening attention to fiscal transparency and revenue-sharing. 关键趋势 / Key Trends ① 从"农业国"向"油气+矿业"双轮驱动转型，资源收益结构深刻调整； ② 黄金勘探重心向凯杜古—凯涅巴成矿带深部与外围延伸； ③ 锆石、铁矿等未开发资源进入政府招商与基建配套视野； ④ 本地化与 ESG 要求成为矿权续期与公约谈判的前置条件。 ① A shift from an agrarian economy to a dual engine of "oil & gas + mining"; ② gold exploration moving deeper and outward along the Kédougou–Kéniéba belt; ③ undeveloped resources such as zircon and iron ore entering the government's investment-promotion and infrastructure agenda; ④ localisation and ESG requirements becoming preconditions for title renewal and convention negotiation. 1. 战略领域合同重新谈判 / Renegotiation of Strategic-Sector Contracts 自2024年以来，塞内加尔政府持续推动对部分战略领域合同、公约及矿业权履约情况的审查，并于2026年进一步公布重新谈判结果（renégociation des conventions et contrats conclus dans les secteurs stratégiques）。对既有矿业公约与矿权持有者而言，是否被纳入重新谈判范围、原有稳定条款能否对抗新政，构成核心不确定性。 Since 2024, the Senegalese government has continuously advanced its review of contracts, conventions and mining-title performance in selected strategic sectors, and in 2026 further announced the outcomes of renegotiations (renégociation des conventions et contrats conclus dans les secteurs stratégiques). For holders of existing mining conventions and titles, whether they fall within the renegotiation scope, and whether their original stabilisation clauses can withstand the new policy, are core uncertainties. 2. 手工采金冲突 / Artisanal Mining Conflicts 凯杜古地区手工采金者频繁侵入工业矿权区非法开采，冲突时有升级，直接影响矿山正常运营。政府设立的手工采矿走廊（Corridor d'orpaillage）执行效果有限，缓冲区与社区协调机制成为项目运营的隐性成本。 Artisanal miners in Kédougou frequently encroach on industrial titles for illegal extraction, and conflicts sometimes escalate, directly disrupting operations. The government's artisanal mining corridor has been only partially effective, making buffer zones and community-coordination mechanisms a hidden cost of project operation. 3. 基础设施瓶颈 / Infrastructure Bottleneck 法莱梅铁矿因铁路、矿石码头与港口配套不足长期无法商业化，锆石滨海砂矿亦受制于开采与选矿技术投入。基础设施缺口抬高资本开支，拉长投资回收周期。 The Falémé iron-ore district has long been unable to reach commercialisation due to inadequate railway, ore-jetty and port facilities, while coastal zircon deposits are constrained by extraction and processing technology. Infrastructure gaps raise capital expenditure and lengthen payback periods. 4. 宏观财政压力 / Macro-Fiscal Pressure IMF 数据显示塞内加尔 2024 年末公共债务约为 GDP 的 132%，宏观风险处于中高水平。公共财政压力可能转化为对矿业部门更高税费诉求与更严格外汇管理，压缩项目净现金流。 IMF data indicate that Senegal's public debt reached about 132% of GDP at end-2024, placing macro risk at a medium-high level. Fiscal pressure may translate into higher tax and royalty demands on mining and tighter foreign-exchange controls, compressing project net cash flow. ① 油气收入有望反哺矿业基础设施，法莱梅铁矿与锆石开发条件或逐步改善； ② 矿业法典或迎新一轮修订，权利金与国家干股比例成为政企博弈焦点； ③ 黄金深部勘探与矿区整合加速，凯杜古成矿带成为资本竞逐热点； ④ 中资企业从"资源获取"转向"本地化深耕"，合规能力成为竞争分水岭。 ① Oil and gas revenues may feed back into mining infrastructure, gradually improving conditions for Falémé iron ore and zircon; ② a further revision of the Mining Code may be forthcoming, with royalty rates and the free-carried state interest at the centre of negotiations; ③ deep gold exploration and district consolidation accelerate, making the Kédougou belt a hotspot for capital; ④ Chinese players shift from "resource acquisition" to "localisation cultivation", with compliance capability becoming the dividing line of competitiveness. 塞内加尔外国投资以 2025 年新《投资法典》（Loi n°2025-16 portant Code des Investissements）为核心，结合 APIX 投资促进署的一站式注册服务，矿业领域适用矿业法典的特别规定（矿业法典优先于投资法典）。APIX 提供企业注册、税务登记、社保登记与投资优惠申请的一站式服务，大幅简化投资落地流程。 Foreign investment in Senegal is anchored by the new 2025 Investment Code (Loi n°2025-16 portant Code des Investissements), complemented by the one-stop registration service of the APIX investment-promotion agency; the mining sector is governed by the special provisions of the Mining Code, which prevails over the Investment Code. APIX provides one-stop services for company registration, tax registration, social-security registration and incentive applications, greatly simplifying market entry. 投资优惠：关税豁免（勘探开采设备、车辆与备件）、企业所得税减免期（3—5 年不等）、经济特区（Diamniadio 等）额外优惠；矿业勘探阶段的增值税与关税豁免在矿业法典专章规定。 准入限制：工业规模矿业项目对外资无股权比例上限，但必须接受国家参与；矿业法典对小型矿业许可（Autorisation d'exploitation de petite mine）与手工采矿许可（Autorisation d'exploitation artisanale）设有特定资质与本地化要求，申请人资格以《矿业法》相应条款为准（详见下文许可表）。 Incentives: customs-duty exemptions for exploration/mining equipment, vehicles and spare parts, corporate-income-tax holidays (3–5 years), and additional benefits in special economic zones such as Diamniadio; VAT and customs exemptions at the exploration stage are set out in a dedicated title of the Mining Code. Access restrictions: industrial-scale mining projects face no equity cap on foreign ownership but must accept state participation; the Mining Code sets out specific qualification and localisation requirements for small-scale mining permits (Autorisation d'exploitation de petite mine) and artisanal mining permits (Autorisation d'exploitation artisanale), and eligibility must be assessed against the relevant provisions (see the licensing table below). 国际投资保护框架 / International Investment Protection 中国与塞内加尔尚未签署双边投资协定（BIT），中资投资者暂无法直接援引中塞 BIT 的实体保护条款（如公平公正待遇、征收补偿条款、自由转移与 ISDS 等）。相关国际法保护主要依赖投资者母国与第三国 BIT 的多边网络，以及项目所在地政府签订的矿业公约中所嵌入的稳定条款与争议解决条款（含 ICSID / ICC 仲裁约定）。投资者应将保护边界固化在矿业公约与股东协议中，而非依赖双边 BIT。 China and Senegal have not yet concluded a bilateral investment treaty (BIT); Chinese investors cannot at present rely on the substantive protections of a China–Senegal BIT (FET, expropriation compensation, free-transfer and ISDS provisions, etc.). International-law protection instead relies on the broader BIT network involving the investor's home jurisdiction and third states, combined with stabilisation, dispute-resolution and ICSID/ICC arbitration clauses embedded in the mining convention and the shareholders' agreement. Investors should lock in protection through the mining convention and shareholders' agreement rather than through a bilateral BIT. ???? 实务提示 / Practice Note 中国投资者须同步完成境内 ODI 合规——商务部《企业境外投资证书》、发改委项目备案/核准（矿业通常须核准）、外汇局境外投资外汇登记，并建议投保中国信保海外投资保险。投资架构上，可考虑"中国母公司 → 香港/新加坡/毛里求斯中间控股 → 塞内加尔项目公司"的中间控股架构，以享受税收协定网络并通过第三国 BIT 间接获得保护，但须注意经济实质（substance）要求。 Chinese investors must complete domestic ODI compliance — MOFCOM's overseas investment certificate, NDRC project filing/approval (mining usually requires approval), SAFE foreign-exchange registration — and are advised to insure with Sinosure. For structuring, a "China parent → Hong Kong/Singapore/Mauritius intermediate holding → Senegalese project company" architecture is worth considering, to leverage the tax-treaty network and obtain indirect protection through third-state BITs, subject to economic-substance requirements. （一）监管体系与机构 / Regulatory Architecture & Institutions （二）矿业许可制度与外资准入 / Mining Licensing & FDI Access No area limit; ≤1 year, renewable once ⚠️ 风险提示 / Risk Alert 勘探许可证持有人享有优先获得开采许可证的权利（droit de préférence），但转换须满足 JORC/NI 43-101 可行性研究、EIA 获批、本地化计划、国家参股谈判等多项条件。矿权转让须经矿业部事先批准，未履行最低投入义务的矿权不得转让；许可证有效期届满未续期、连续未缴地表占用费或严重环保违规，均可导致矿权丧失。 Exploration-licence holders enjoy a priority right (droit de préférence) to obtain a mining licence, but conversion requires a JORC/NI 43-101 feasibility study, EIA approval, a localisation plan and agreement on state participation. Title transfers require prior ministerial approval, and titles that have not met minimum-work obligations may not be transferred. Expiry without renewal, persistent non-payment of surface fees or serious environmental violations may all lead to loss of title. （一）环境保护 / Environmental Compliance 塞内加尔 2023 年新《环境法典》（Loi n°2023-15 portant Code de l'Environnement）第175条专门规范矿业环境评价，第176条规范修复义务，第177条规范矿山修复基金，第253条进一步明确环境保护措施不受部分稳定条款保护。矿业项目须完成环境影响评估（EIE）并经 DEEC 批准后方可开工，流程为：委托 DEEC 认可机构编制 EIA → DEEC 审查并组织公开听证 → 出具环境合规证书。EIA 批准后须提交环境管理计划（PGES），开采前须制定闭矿计划并足额拨备闭矿基金。 Senegal's new 2023 Environment Code (Loi n°2023-15 portant Code de l'Environnement) addresses mining-environmental obligations explicitly: Article 175 governs mining environmental assessment, Article 176 the rehabilitation obligation, Article 177 the mine-rehabilitation fund, and Article 253 clarifies that environmental-protection measures are not insulated by stabilisation clauses. Mining projects must complete an environmental impact assessment (EIE) approved by DEEC before construction: commission a DEEC-accredited consultant to prepare the EIA → DEEC review and public hearing → issuance of an environmental compliance certificate. After EIA approval, an environmental and social management plan (PGES) must be submitted, and a mine-closure plan with adequate rehabilitation funding must be in place before mining. （二）矿业税费 / Mining Tax & Royalty Regime ???? 财税提示 / Tax Note 中国与塞内加尔尚未签署避免双重征税协定（DTA），建议通过税收协定网络丰富的中间控股地设计架构，并善用矿业公约稳定条款锁定签约时点的财税制度。稳定条款是投资者在塞内加尔最重要的财税保护工具，但近年的重新谈判与新《投资法典》可能对稳定条款范围产生进一步影响，须逐条审阅。同时需注意，《环境法典》第253条明确环境保护措施不受部分稳定条款保护，环评与修复义务的合规底线不可援引稳定条款豁免。 China and Senegal have not yet signed a double-taxation agreement; structuring through a treaty-rich intermediate holding jurisdiction is advised, along with full use of mining-convention stabilisation clauses to lock in the fiscal regime at signing. Stabilisation clauses are the most important fiscal protection for investors in Senegal, but recent renegotiations and the new Investment Code may further affect their scope and require clause-by-clause review. Note that Article 253 of the Environment Code explicitly disapplies certain stabilisation clauses from environmental-protection obligations — the EIA and rehabilitation baseline cannot be shielded by a stabilisation undertaking. （三）本地化与社区发展 / Localisation & Community Development 塞内加尔于 2022 年通过《矿业部门本地化法》（Loi n°2022-17 du 23 mai 2022 relative au contenu local dans le secteur minier），并于 2023 年通过相关实施法令，系统强化矿业领域的本地就业、培训、货物和服务本地采购、技术转让及本地企业参与要求。其中 2023 年第979号法令（Décret n°2023-979）专门规范本地货物和服务供应，2023 年第990、991号法令进一步落实矿业本地化机制（涉及 CNSCL 与 FADCL 等）。开采企业须在 6 个月内提交本地化发展计划，与矿区社区签订社区发展协议（道路、水井、学校、卫生所等），并按权利金收入比例提取地方矿业基金。 Senegal adopted the Local Content Law in the Mining Sector (Loi n°2022-17 du 23 mai 2022 relative au contenu local dans le secteur minier) in 2022, followed in 2023 by the implementing decrees that systematically reinforced local employment, training, procurement of local goods and services, technology transfer and participation of local enterprises. Decree n°2023-979 of 4 May 2023 specifically governs the supply of local goods and services, while Decrees n°2023-990 and 991 establish the institutional mechanisms for localisation (including the CNSCL and FADCL frameworks). Mining operators must submit a localisation plan within six months, sign a community development agreement (roads, wells, schools, clinics), and contribute to a local mining fund as a share of royalty revenue. ⚠️ 区域特有风险 / Regional Risk 凯杜古地区手工采金冲突是区域特有风险，须与地方政府、社区领袖建立定期沟通机制，支持手工采金者组织化正规化，并在矿区周边设立缓冲区。 Artisanal-mining conflict in Kédougou is a region-specific risk. Investors should establish regular communication with local authorities and community leaders, support the formalisation of artisanal miners, and set up buffer zones around mining areas. （四）外汇管理与利润汇回 / Foreign-Exchange Control & Repatriation 塞内加尔为 UEMOA 成员国，使用西非法郎（XOF），与欧元固定挂钩（1 EUR = 655.957 XOF），汇率风险主要来自人民币与欧元的波动。外汇管理由 BCEAO 统一负责：经常项目基本自由化，资本项目须经 BCEAO 和/或财政部事先批准。矿业企业出口收入须在 UEMOA 区域内银行结算，收到后 120 天内汇回并结汇，可申请开立外汇留成账户。 As a UEMOA member, Senegal uses the West African CFA franc (XOF), pegged to the euro at 1 EUR = 655.957 XOF; exchange-rate risk arises mainly from CNY–EUR movements. Foreign exchange is administered centrally by BCEAO: current-account transactions are largely liberalised, while capital-account transactions require prior BCEAO and/or ministry approval. Mining export proceeds must be settled through UEMOA-area banks and repatriated/ converted within 120 days of receipt, with the option of opening a foreign-currency retention account. ???? 利润汇回流程 / Repatriation Flow BCEAO 投资登记 → 董事会/股东会决议 → 授权中间银行提交申请（附审计报告、纳税证明、投资登记证明）→ BCEAO 审核 → 汇出至境外账户。在缺乏双边 BIT 的背景下，建议投资者在矿业公约与股东协议中固化"投资和收益自由转移"条款，并预先嵌入 ICSID/ICC 仲裁机制，作为利润汇回遇阻时的兜底保护。 BCEAO investment registration → board/shareholder resolution → application via an authorised intermediary bank (with audit report, tax certificate, registration proof) → BCEAO review → outward remittance. In the absence of a bilateral BIT, investors are advised to entrench a "free transfer of investments and returns" clause in the mining convention and shareholders' agreement, and pre-embed an ICSID/ICC arbitration mechanism as a backstop if repatriation is obstructed. 总体来看，塞内加尔凭借稳定的宪政框架、成熟的矿业法典体系与 2025 年新《投资法典》的整合，在非洲法语区矿业版图中保持着罕见的制度确定性，叠加油气投产带来的财政与基建增量，持续吸引国际资本进入。但其投资环境已明显从"资源驱动"转向"合规驱动"——本地化义务趋严、战略领域合同重新谈判与新政府政策转向，共同抬高了项目的合规门槛。 Overall, Senegal — with its stable constitutional framework, mature Mining Code system and the consolidation delivered by the new 2025 Investment Code — retains a rare institutional certainty in francophone Africa's mining landscape, and the fiscal and infrastructure dividend from new oil and gas production continues to attract international capital. Yet its investment environment has clearly shifted from "resource-driven" to "compliance-driven": tightening localisation duties, the strategic-sector contract renegotiations and the new administration's policy shift together raise the compliance bar for projects. 对中资矿业企业而言，塞内加尔项目的核心挑战已转向精细化合规与政策博弈：一方面，矿权有效性、本地化义务与外汇汇回构成三重硬约束；另一方面，战略领域合同重新谈判与《环境法典》第253条对部分稳定条款的排除，使矿业公约稳定条款的可用边界被进一步收窄。加之中国与塞内加尔尚未签署 BIT，中资投资者缺乏可直接援引的双边实体保护与 ISDS 机制，更须依赖矿业公约与股东协议逐条固化保护边界。任何单一环节的合规缺失，都可能在新政环境下被放大为系统性风险。因此，进入塞内加尔矿业市场，投资者应将法律尽调前置、公约条款固化与本地化深耕作为三项必修课，方能在制度红利与政策变量之间取得平衡。 For Chinese mining companies, the core challenge in Senegalese projects has shifted to fine-tuned compliance and policy bargaining: on the one hand, title validity, localisation obligations and foreign-exchange repatriation form three hard constraints; on the other, the strategic-sector contract renegotiations and Article 253 of the Environment Code (which disapplies certain stabilisation clauses from environmental obligations) have narrowed the usable boundary of mining-convention stabilisation clauses. Compounding this, China and Senegal have not yet concluded a BIT, leaving Chinese investors without an invokable bilateral substantive-protection and ISDS mechanism, and making it all the more necessary to entrench protection through the mining convention and shareholders' agreement clause by clause. Any single compliance gap may be magnified into systemic risk under the new policy environment. Entering the Senegalese mining market therefore requires front-loaded legal due diligence, entrenched convention terms and deep localisation — the three essential disciplines for balancing institutional dividends against policy variables. ???? 法律尽调前置：通过 Cadastre Minier 地籍局独立核验矿权有效性、面积与有效期，重点核查续期状态与历史转让链条，警惕已届满未续期的矿权。 ???? 公约条款固化：鉴于中塞尚未签署 BIT，争取在矿业公约与股东协议中固化稳定条款、外汇留成与汇回期限、ICSID/ICC 仲裁等关键机制；同时逐条评估《环境法典》第253条对环境义务突破稳定条款的影响。 ???? 本地化深耕：尽早依据 2022 年第17号法及 2023 年第979、990、991号法令编制本地化计划，与社区签订发展协议，预留地方矿业基金与 ESG 投入，化解凯杜古手工采金冲突。 ???? 外汇路径预设计：完成 BCEAO 投资登记，设计跨境注资、利润汇回与退出税负路径，以欧元/美元为测算基准。 ???? 政治风险缓释：持续跟踪战略领域合同重新谈判与矿业法典修订动向，投保中国信保海外投资保险，建立政府与社区沟通渠道。 特别声明：本文基于截至 2026 年 8 月的公开法律法规与实务经验编制，仅供矿业投资参考，不构成法律意见。 Special Disclaimer: This article is based on publicly available laws and practical experience as of August 2026, for reference only and does not constitute legal advice. 康达律师事务所 · 矿业团队 KANGDA Law Firm · Mining Practice 专注矿业、能源跨境投资法律服务 Focus on Mining, Energy and Cross-border Investment Law ???? 参考法律 / 官方资料 · Reference Footnotes [1] Loi n°2016-32 du 08 novembre 2016 portant Code minier（《2016年塞内加尔矿业法》）——核心条文涉及矿业权类型、许可期限、国家10%免费股权、追加25%有偿参与、矿业权利金、地方发展基金、矿业权转让与撤回等。 [2] Décret n°2017-459 du 20 mars 2017（《2017年第459号矿业法实施法令》）——规范矿业许可申请、期限、续期、转让、撤回、技术材料与权利金等实施细则。 [3] Loi n°2022-17 du 23 mai 2022 relative au contenu local dans le secteur minier（《2022年第17号矿业部门本地化法》）——系统强化本地就业、培训、本地货物与服务采购、技术转让、本地企业参与。 [4] Décret n°2023-979 du 4 mai 2023（《2023年第979号法令》）——专门规范矿业本地货物和服务供应。 [5] Décrets n°2023-990 et 991（《2023年第990、991号法令》）——涉及 CNSCL 与 FADCL 等矿业本地化机制的运行规范。 [6] Loi n°2023-15 portant Code de l'Environnement（《2023年塞内加尔环境法典》）——第175条规范矿业环境评价；第176条规范修复；第177条规范矿山修复基金；第253条明确环境保护措施不受部分稳定条款保护。 [7] Loi n°2025-16 du 27 septembre 2025 portant Code des Investissements（《2025年第16号塞内加尔投资法典》）——最新外国投资法律制度核心，与矿业法典共同构成外资准入与优惠制度框架。
Ministère des Mines et de la Géologie
Direction des Mines et de la Géologie
Cadastre Minier
Société des Mines du Sénégal
Direction de l'Environnement
Agence pour la Promotion des Investissements
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Initiative pour la Transparence
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Permis de recherche
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Autorisation d'exploitation de petite mine
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