Identifier
Created
Classification
Origin
09NOUAKCHOTT53
2009-01-19 16:52:00
UNCLASSIFIED
Embassy Nouakchott
Cable title:  

MAURITANIA 2009 INVESTMENT CLIMATE STATEMENT

Tags:  EINV OPIC KTDB USTR EFIN ELAB MR 
pdf how-to read a cable
R 191652Z JAN 09
FM AMEMBASSY NOUAKCHOTT
TO SECSTATE WASHDC 8032
DEPT OF TREASURY WASHDC
DEPT OF COMMERCE WASHDC
CIMS NTDB WASHDC
INFO AMEMBASSY DAKAR
UNCLAS NOUAKCHOTT 000053 


DEPT FOR EB/IFD/OIA, AF/W
DEPT PASS TO USTR
DAKAR FOR USCS/RSCO SMORRISON

E.O. 12958: N/A
TAGS: EINV OPIC KTDB USTR EFIN ELAB MR
SUBJECT: MAURITANIA 2009 INVESTMENT CLIMATE STATEMENT

REF: 08 STATE 123907

------------------------------
Openness to Foreign Investment
------------------------------

UNCLAS NOUAKCHOTT 000053


DEPT FOR EB/IFD/OIA, AF/W
DEPT PASS TO USTR
DAKAR FOR USCS/RSCO SMORRISON

E.O. 12958: N/A
TAGS: EINV OPIC KTDB USTR EFIN ELAB MR
SUBJECT: MAURITANIA 2009 INVESTMENT CLIMATE STATEMENT

REF: 08 STATE 123907

--------------
Openness to Foreign Investment
--------------


1. President Abdallahi's government strongly encouraged foreign
direct investment and economic liberalization. The government's
investment and development strategy emphasized private sector
development, which was seen as the main engine of economic growth.
Privatization, liberalization, and investment incentives figured
prominently in Mauritania's World Bank and IMF structural reform
programs. However, President Abdallahi was deposed in an August 6,
2008 coup d'etat. General Aziz, the self-proclaimed President of
the High State Council (military junta),took power following the
coup. Aziz and the junta-appointed government have not made any
major statements or taken any significant actions in terms of
foreign investment since taking power. Most foreign investors have
been taking a "wait and see" approach since the coup and have put
many planned investments on hold for the time being.


2. The Investment Code is the principal source for laws and
information related to the country's investment regime. It is
designed to encourage direct investment, facilitate administrative
procedures, and enhance investment security. The following are
legal guarantees in the Investment Code for any entity, Mauritanian
or foreign, wishing to invest in Mauritania:

-- Freedom of establishment and capital investment, in accordance
with the laws and regulations in place

-- Freedom to transfer foreign capital

-- The ability to transfer professional income of foreign employees

-- The equal treatment of Mauritanian and foreign individuals and
legal entities


3. The Investment Code applies to all sectors of the economy, with
the exception of the following sub-sectors, which are governed by
laws and regulations specific to those sectors:

-- Purchasing for resale on the local market without further
processing

-- Activities governed by the country's banking laws, except for
leasing activities

-- Activities governed by insurance regulations

-- Activities in the mining and petroleum sectors


-- Communications and telecommunications

-- Water and electricity supply


4. Contracts are protected by the Civil and Commercial Codes,
although court enforcement and dispute settlement can be difficult
to obtain. The judicial system remains weak and is unpredictable
and inefficient in its application of the law. Judges lack training
and experience in commercial and financial law, and are sometimes
corrupt. In addition, the judicial system lacks adequate materials
and buildings and judges often have difficulty accessing laws and
legal texts. President Abdallahi's government conducted several
training sessions for judges and prosecutors in 2006 and 2007 in an
effort to improve and professionalize the judicial system, but much
work remains to be done.


5. With the exception of sectors where public companies hold
monopolies such as water and electricity distribution, Mauritania
has no discriminatory policies against foreign investment, imports,
or exports. The mining, fishing, agricultural, banking, petroleum,
technology and tourism sectors are actively seeking foreign direct
investment.

Foreign investors generally receive the same treatment as
Mauritanian investors, subject to the provisions of treaties and
agreements concluded between the Government of Mauritania and other
countries. Foreign investors have the same access as Mauritanians
to courts of law. Nonetheless, the success of foreign investors
often depends in large part on their successful collaboration with
local partners who understand the local market and government.


6. The Government of Mauritania practices mandatory screening of
foreign investment. Screening mechanisms are routine and
non-discriminatory. It is done through the Consolidated Office for
Investment, "Guichet Unique", in the Ministry of Economy and
Development for all sectors except the petroleum and mining sectors.
To invest in Mauritania, investors are required to first obtain an
Investment Certificate. Investors can obtain the certificate by
presenting their proposal and all required documents to the Guichet
Unique. The Guichet Unique then selects and recommends investment
projects to the Council of Ministers. In general, the Council of
Ministers approves all projects recommended to it. In 2006, the
Government approved 13 industrial projects from a variety of
sectors, excluding mining and petroleum, worth approximately 7.2
billion ouguiyas ($26.5 million). Investors interested in the
petroleum and mining sectors normally go directly through the
Ministry of Oil and Mines. Suppliers for large government contracts
are selected through a tender process. After issuing an invitation
for tenders, the Central Market Commission selects the offer that
best fulfills government requirements.


7. There are no laws or regulations specifically authorizing private
firms to adopt articles of incorporation or association which limit
or prohibit foreign investment, participation, or control. There
are no other practices by private firms to restrict foreign
investment.


8. Foreign direct investment in Mauritania has been increasing since

2002. Abdallahi's government continued to promote investment in
Mauritania by proposing reforms to make doing business easier and by
lowering taxes on profits. The largest investments have been in the
petroleum and mining sectors, attracting approximately 80% of all
foreign investment in Mauritania. The fishing industry accounts for
almost all other foreign investment in Mauritania. Woodside
Petroleum began oil production in February 2006 at 70,000 barrels
per day (bpd),but production quickly dropped to less than 15,000
bpd due to technical problems in the oil field. After disappointing
results, Woodside Petroleum sold its Mauritanian interest to
Petronas in October 2007. Petronas, as well as several other oil
companies, are actively involved in exploration. In the mining
sector, there have been new investments in iron ore, gold, diamonds,
copper, gypsum, and uranium. There have also been significant
investments in the telecommunications sector. Investors, primarily
from the Gulf region, promised major new investments in Mauritania
during 2007 and 2008. Some of the planned investments included
housing and hotels, roads, railway, expanded mining, a new airport,
a new oil refinery, and an expansion of the Port of Nouakchott,
among others. However, all of these new investments have been put
on hold following the August 2008 coup. Even before the coup,
investment in Mauritania was often hampered by the lack of skilled
labor and infrastructure, notably water, electricity, and
transportation.

--------------
Conversion and Transfer Policies
--------------


9. There are no legal or policy restrictions on converting or
transferring funds associated with investments. Investors are
guaranteed the free transfer of convertible currencies at the legal
market rate, subject to the availability of such currencies.
Similarly, foreigners working in Mauritania are guaranteed the
prompt transfer of their professional salaries. To transfer funds,
investors are required to open a foreign exchange bank account in
Mauritania. Transfers from abroad are limited to 100,000 euros per
transaction, but investors may conclude an unlimited number of
transfers each day. There are no transaction limits for investors
transferring money out of Mauritania.


10. The local currency, the ouguiya, is freely convertible within
Mauritania, but its exportation is not legally authorized. Hard
currencies can be easily found either in commercial banks or in
parallel markets. The Central Bank has liberalized the foreign
exchange system and now holds regular foreign exchange auctions,
allowing market forces to fix the value of the ouguiya. Individuals
and companies may obtain hard currencies through commercial banks
for the payment of purchases or the repatriation of dividends. If
the bank has hard currency available, there is no delay in effect
for remitting investment returns. However, foreign currency is in
high demand and banks may not have sufficient currency. In that
case, the commercial bank must obtain it from the Central Bank in
order to conduct the transfer. The Central Bank is required to
prioritize government transfers, which could present further delays.
Delays typically range from one to three weeks. Due to increasing
political instability following the coup, foreign currency will
likely be in greater demand and may become more difficult to obtain.



11. There are no legal parallel markets in Mauritania which would
allow investors to remit investments through other means. There is
no limitation on the inflow or outflow of funds for remittances of
profits, debt service, capital, capital gains, returns on
intellectual property, or imported inputs.

--------------
Expropriation and Compensation
--------------


12. The Investment Code ensures that if the government expropriates
private property, it will provide appropriate and prompt
compensation, exempt from duties and taxes. There are no recent
cases of expropriation in Mauritania. Only one government
expropriation has occurred since independence: the nationalization
of the French mining company MIFERMA in November 1974. In that
case, compensation was paid by mutual agreement between the two
parties. In 2003, the Mauritanian government annulled a major
contract with a British company for petroleum supplies and
management of storage and refining facilities in Nouadhibou. In
this case, the two parties negotiated a mutually agreed upon
settlement and the government provided compensation to the British
company.

--------------
Dispute Settlement
--------------


13. The only recent investment dispute between the Government of
Mauritania and a foreign investor occurred in 2006 with Woodside
Petroleum Ltd. In 2003, Woodside signed four production sharing
contracts (PSC) with President Taya's government. A transitional
government took power following the August 2005 coup. In February
2006, it began a dispute with Woodside over four amendments to the
original PSC involving oil revenues and environmental issues. An
international arbiter was brought in and the dispute was settled
when Woodside agreed to cancel the four amendments, pay $100
million, and set up an environmental fund. There have been no other
investment disputes over the past few years involving U.S. or other
foreign investors or contractors in the host country.


14. The country has a Commercial Code and related civil laws, but
application and enforcement remain limited. Settling a dispute
through the courts remains a long and complicated process and
Mauritania lacks effective means for enforcing property and
contractual disputes. The judicial system is weak and the financial
sector legal framework needs to be upgraded. Judges lack sufficient
training and specialized experience in commercial and financial law.
They are also susceptible to corruption. Many laws and decrees
related to the commercial and financial sector are never published
and are therefore not well understood. It can also be difficult to
access laws and legal texts that have been published. Furthermore,
the judicial system lacks sufficient materials and buildings. The
system is inefficient; most judgments are not issued within
prescribed time limits and are often not written. The country does
have bankruptcy laws, although there are very few reported cases of
these laws being applied.


15. Judgments of foreign courts are accepted by the local courts,
but enforcement is limited. The government accepts binding
international arbitration of investment disputes between foreign
investors and government authorities. In addition, there are
domestic mechanisms for arbitration, both through traditional
religious institutions and through the courts.


16. Disputes between individuals or legal entities and the
government related to the Investment Code are settled by an
arbitration procedure to which both parties have agreed and is in
accordance with the following agreements:

-- The 1965 Convention on the Settlement of Disputes Related to
Investments Between States and Nationals of Other States, also known
as the Washington Convention

-- The 1958 New York Convention on the Recognition and Enforcement
of Foreign Arbitral Awards

-- Other agreements and treaties that have been concluded between
the Government of Mauritania and the state of the concerned
individual or legal entity and which address the protection of
investments

There is no specific legislation providing for enforcement under the
New York Convention or for the enforcement of ICSID awards.

--------------
Performance Requirements and Incentives
--------------


17. Mauritania is in a transitional stage with respect to
application of its WTO commitments. The government offers tax
benefits, including exemptions in some instances, to enterprises in
the priority sectors listed in its Investment Code. In the case of
imported "dumped" goods deemed to be competing unfairly with a
priority enterprise, the government will respond to industry
requests for tariff surcharges, thus providing some potential
protection from competition.


18. There are no performance requirements beyond those that might be
indicated in individual investment agreements and no requirements
for local financing. There are some rules governing the percentage
of host country nationals employed, but the government is flexible
on this point. Industrial fishing crews are encouraged to have five
Mauritanian crewmembers per vessel, but it is not a requirement.
Foreign firms are encouraged to participate in government-financed
research and development programs.


19. Investment incentives such as free land, deferred and reduced
taxes, and tax-free importation of materials and equipment are
available to foreign investors. The Investment Code outlines
certain investment incentives, but foreign investors may negotiate
others with the government. Performance requirements are not
normally imposed as a condition for establishing, maintaining or
expanding the investment, or for access to tax and investment
incentives unless indicated in an individual investment agreement.
Under the Investment Code, investors are required to purchase from
local sources if the good or service is available locally and is of
the same quality as could be purchased abroad. There is no
requirement for investors to export a certain percentage of output
or only have access to foreign exchange in relation to their
exports.


20. There is no requirement that nationals own shares in foreign
investments or pertaining to technology transfer. There are no
"offset" requirements or conditions on permission to invest.
Additionally, there are no discriminatory or excessively onerous
visa, residence, or work permit requirements inhibiting foreign
investors' mobility.

--------------
Right to Private Ownership and Establishment
--------------


21. The Government of Mauritania guarantees any individual or legal
entity wishing to undertake business activities in the country the
freedom of establishment in accordance with the laws and regulations
in force. Private entities may freely establish and own business
enterprises and engage in all forms of remunerative activity. There
is a right of private entities to freely establish, acquire, and
dispose of interests in business enterprises. Privatization and
liberalization programs have also helped put private enterprises on
an equal footing with respect to access to markets and credit.

--------------
Protection of Property Rights
--------------


22. Property rights are protected under the Mauritanian Civil Code,
which is modeled on the French Code. However, biased application of
the law by the Mauritanian judicial system has been a problem for
some local companies. In practice, it can be difficult to gain
redress for grievances through the courts. Mortgages exist and are
extended by the commercial banks. There is a well-developed
property registration system for land and real estate.


23. Mauritania is a member of the Multilateral Investment Guarantee
Agency (MIGA) and the African Organization of Intellectual Property
(OAPI). In joining the latter, member states agree to honor
intellectual property rights principles and to establish uniform
procedures of implementation for the following international
agreements: the Paris Convention for the Protection of Industrial
Property, the Berne Convention for the Protection of Literary and
Artistic Works, the Hague Convention for the Registration of Designs
and Industrial Models, the Lisbon Convention for the Protection and
International Registration of Original Trade Names, the World
Intellectual Property Organization, the Washington Treaty on
Patents, and the Vienna Treaty on the Registration of Trade Names.
Mauritania signed and ratified the WTO TRIPS (Trade Role on
Intellectual Property and Service) agreement in 1994, but it has yet
to implement it. The government also signed and ratified the WIPO
(World Intellectual Property Organization) treaties in 1976. It has
not signed and ratified the WIPO internet treaties.

--------------
Transparency of the Regulatory System
--------------


24. In theory, the Law of Competition provides transparent policies
to foster competition and establish clear rules. In 1999, the
government created a regulatory authority that is charged with
overseeing the privatization process and ensuring that transparent
policies and laws are used to foster competition through the bidding
process. There is no a law or policy in force that impedes foreign
investment in Mauritania. Private sector associations exist, but
their laws and regulations do not discriminate against foreign
investment. In practice, ownership in many sectors of the economy
is concentrated among a few families. They have significant
monopolistic power which is reinforced by formal and informal
regulatory barriers.


25. Tax rates on businesses in the formal sector are extremely high,
which could distort or impede investment. The procedures required
to pay taxes are complicated and time consuming. Labor laws and
conditions of employment are complex. There are many limitations on
hiring conditions, duration of work, and dismissals, which could
also distort or impede investment. Environment and health and
safety laws and policies do not distort or impede investment.


26. The government established the Consolidated Office for
Investments (Guichet Unique) in 1997 in order to streamline
bureaucratic procedures for investment. As a result, transparency
has increased and bureaucratic procedures have been reduced.
Nevertheless, complicated bureaucratic procedures and unnecessary
red tape that require time and money remain a problem. There is
also a complex and often overlapping system of permits and licenses
required to do business. In addition, there continues to be a lack
of transparency in the legal, regulatory, and accounting systems,
which do not meet international norms. There are no informal
regulatory processes managed by nongovernmental organizations or
private sector associations. Proposed laws and regulations are
supposed to be published in draft form for public comment before
being sent to Parliament, but this does not always occur.

-------------- --------------
Efficient Capital Markets and Portfolio Investment
-------------- --------------


27. In principle, government policies encourage the free flow of
financial resources and do not place restrictions on access by
foreign investors. Most foreign investors, however, prefer external
financing due to the high interest rates and procedural complexities
that prevail locally. Credit is often difficult to obtain and
dependent on special relationships with bank owners and officials.
Commercial bank loans are virtually the only type of credit
instrument. There is no stock market or other public trading of
shares in Mauritanian companies. Individual proprietors, family
groups, and partnerships generally hold companies. They cannot be
freely bought into by outsiders, and portfolio investment is
accordingly quite limited.


28. Capital assets of the largest banks are estimated at about $12
million. The banking system requires further reforms to address the
high level of non-performing loans. 40-50% of the total asset base
is estimated as non-performing.


29. The government began addressing many of these problems in 2004
by restructuring the banking system and implementing computerized
systems. In December 2006, the Council of Ministers approved
measures to guarantee the autonomy of the Central Bank and gave it
greater means to ensure the stability of the financial system. In
2007, the government implemented a new banking law designed to
increase competition, facilitate access to credit, and ensure bank
liquidity. Reforms in the banking sector have reduced the number of
steps required to invest in Mauritania, but the process can still be
time consuming. Deficiencies continue to persist in the enforcement
of laws and regulations.

--------------
Political Violence
--------------


30. There have been two coups in Mauritania in the since 2005. Both
were bloodless and non-violent. The most recent coup, which
occurred August 6, 2008, removed Mauritania's first democratically
elected president from power, Sidi Mohamed Ould Cheikh Abdallahi.
For the first time in Mauritania's history, there has been political
opposition to the coup. Groups opposing the coup have attempted to
stage protests on a regular basis, but security forces have
routinely broken these protests up with tear gas and batons. There
have been reports of minor injuries. The political situation
remains unstable in Mauritania and the possibility that increasing
political violence could occur cannot be discounted.


31. There have been several demonstrations in 2009 protesting
Israeli actions in Gaza. While demonstrations in Mauritania are
generally peaceful, these have been some of the largest
demonstrations ever held in Mauritania and several have turned
violent. In October and November 2007, youth throughout Mauritania
led street protests over the rising price of basic commodities.
During the protests they threw rocks and burned tires and buildings.
Police responded with tear gas, and in one incident killed two
protestors.


32. There have been five terrorist incidents in Mauritania since the
end of 2007. Al Qaeda in the Islamic Maghreb (AQIM) has claimed
responsibility for all of the attacks. Several of the attacks have
targeted foreigners. A number of people believed to be responsible
for the attacks or associated with AQIM are currently being held in
Mauritanian prisons awaiting trial.


33. Mauritania continues to maintain good relations with the
neighboring countries of Algeria, Senegal, Mali, and Morocco
although both Ageria and Mali have been critical of the August 2008
coup.

--------------
Corruption
--------------


34. Mauritania does not have laws, regulations, and penalties to
combat corruption effectively. What laws and regulations do exist
are not effectively enforced. Although Abdallahi's government
subscribed to a broad good governance program, giving or accepting
bribes is still not considered a criminal act under current
Mauritanian law.


35. Corrupt practices are widely believed to exist at all levels of
Mauritanian government and society. Wealthy business groups and
government officials reportedly receive frequent favors from
authorities, such as unauthorized exemption from taxes, special
grants of land, and favorable treatment during bidding on government
projects. Mauritanian and non-Mauritanian employees at every level
and in every organization are believed to flout Mauritanian tax laws
and filing requirements. The only exceptions are civil servants,
whose income taxes are automatically deducted from their pay. Such
widespread corruption has deprived the government of a significant
source of revenue, weakening its capacity to provide necessary
services.


36. Mauritania acceded to the UN Anticorruption Convention on
October 25, 2006. Mauritania is not a signatory to the OECD
Convention on Combating Bribery.


37. Corruption is an obstacle to foreign direct investment in
Mauritania, but it is not one of the most severe obstacles. Firms
generally rate high taxes, access to credit, underdeveloped
infrastructure, and a lack of skilled labor as greater impediments
to investment than corruption. Larger companies with more powerful
connections are generally less affected by corruption than are small
and medium enterprises.


38. Corruption is most pervasive in government procurement, bank
loans, fishing license attribution, land distribution, and tax
payments. Firms also commonly pay bribes to obtain telephone,
electricity, and water connections and construction permits more
quickly.


39. Senior government officials have long been known for widespread
corruption and embezzlement. President Abdallahi took steps to
eliminate the culture of corruption and launched an anti-corruption
campaign in December 2007. The government also rectified previously
misreported financial data and completed other transparency
measures, such as publishing quarterly financial statements on a
government website. Since taking power in the August 2008 coup,
General Aziz has charged many high ranking officials from
Abdallahi's government with corruption and mismanagement. Many of
these charges are likely politically motivated and no one has been
formally tried for corruption.


40. The Ministry of Justice and the State Inspector General are
responsible for combating corruption. Transparency International
includes Mauritania in its annual reports and ranked it 115 out of
180 countries in its 2008 Corruption Perceptions Index. The only
other international organization for transparency that operates in
Mauritania is the Swiss-based Societe Generale de Surveillance
(SGS),which is confined to the inspection of imports.

--------------
Bilateral Investment Agreements
--------------


41. Mauritania has bilateral investment agreements and investment
protection with member countries of the Arab Maghreb Union (Algeria,
Libya, Morocco, and Tunisia) as well as with Saudi Arabia, France,
Belgium, and Romania. Other agreements exist with Burkina Faso,
Cameroon, Gambia, Ghana, Mauritius, Italy, Lebanon, Qatar, Yemen,
Korea, the Arab League, Egypt, and the OPEP Fund. Mauritania has no
bilateral investment or taxation treaties with the United States.


42. In addition, Mauritania is a signatory to the Cotonou Agreement
between the European Union (EU) and the group of African, Caribbean
and Pacific (ACP) countries, and thus enjoys free access to the EU
market. As a least-developed country, Mauritania also benefits from
duty-free access to the European market under the
Everything-But-Arms initiative. Mauritania's access to Cotonou
benefits is under review as a result of the August 2008 coup. Since
1987, the Government has signed four fisheries agreements with the
European Union, the most recent covering the period August 2008 -
July 2012.

--------------
OPIC and Other Investment Insurance Programs

--------------


43. Mauritania currently qualifies for OPIC coverage, but its
program is very limited. Potential investors should contact OPIC
directly for guidance. A British-Mauritanian insurance company --
Atlantic Londongate -- offers broad commercial coverage. Mauritania
is a member of the Multilateral Investment Guarantee Agency (MIGA),
which protects foreign direct investment against political risk. The
estimated annual U.S. dollar value of local currency used by the
Embassy is $9.7 million. The Embassy purchases local currency at an
official rate of 260 ouguiya per dollar. The ouguiya has been
fairly stable over the last year, but could devaluate if there is
further political instability.

--------------
Labor
--------------


44. While labor is abundant, there is a shortage of skilled workers
and well-trained technical and managerial personnel in most sectors
of the economy. As a result, there are few sectors of the economy
that use advanced technologies because the skilled labor required to
operate them is not readily available. While labor is relatively
inexpensive, labor productivity is very low, even compared to
neighboring countries. The mining sector is an exception, where the
national mining company SNIM provides advanced training for its
employees. Professional training centers exist in several major
cities of the country. Companies and government agencies can enroll
employees in them to receive training.


45. Labor - management relations are generally good in Mauritania
and there are few strikes by workers. Mauritania is a signatory to
the ILO conventions protecting worker rights. In October 2004, the
government updated the Labor Code to conform to ILO Conventions 138
and 182. It organized a forum on labor laws and worked with UNICEF
on a survey of child labor in two major cities, Nouakchott and
Kiffa. In November 2005, the U.S. Department of Labor organized a
forum on basic worker rights and distributed copies of the newly
approved Labor Code.

--------------
Foreign Trade Zones/Free Ports
--------------


46. There are no duty-free import zones in Mauritania. However, the
Investment Code introduced a Duty-Free Points Regime (Regime des
Points Francs) to encourage exports. The following are eligible for
the Duty-Free Points Regime:

-- Production activities and provision of services intended
exclusively for exportation.

-- Activities intended indirectly for exportation through the
complete and exclusive sale of goods or services to enterprises,
which export directly. The Duty-Free Points consist of facilities
where such activities are carried out. They are placed under the
control of the Customs Administration. Companies whose activities
fall under the Duty-Free Points Regime are exempt from export duties
and taxes.

--------------
Foreign Direct Investment Statistics
--------------


47. Foreign Direct Investment in Mauritania was approximately $153
million in 2007. The vast majority of investment occurred in the
oil and mining sectors with a smaller percentage going to the
fishing sector. Mauritanian direct investment abroad in 2007 is was
approximately $4 million. FDI inflows as a percentage of GDP in
2007 were approximately 5.4% and current FDI stock is about 68% of
GDP. Statistics come from UNCTAD.


48. Foreign direct investments in Mauritania include the following:

Accor Group (France)
ADDAX & Oryx (Switzerland)
Ashton Mining (Australia)
Atlas (Morocco)
B.H.P. Minerals (Australia)
BNP Paribas (France)
CNF (China)
CNPC (China)
Dana Petroleum (Scotland)
Dia Met Minerals (South Africa)
First Quantum (Canada)
Forte Energy (Australia)
Grands Domaines de Mauritanie (France)
MAFCI (France)
Maroc Telecom (Morocco)
NAFTAL (Algeria)
Peaks Metals and Mining Technology (Qatar)
Petronas (Malaysia)
Premier Oil (United Kingdom)
Red Back Mining (Canada)
Repsol (Spain)
Rex Diamond (Belgium)
Rio Tinto (United Kingdom)
Schenker (Germany)
Societe General des Banques (France)
Sphere Investments (Australia)
Sterling Energy (United Kingdom)
Sudatel (Sudan)
Thani Investment (UAE)
Total Oil (France)
Tunis Air (Tunisia)
Tunisie Telecom (Tunisia)
Wadi Al Rawda (UAE)
Wintershall (Germany)



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