Senegal Plans Mining-Code Overhaul by Year-End to Boost Tax Take

Senegal plans to revise its mining code and tighten oversight of its natural resources to give the state a bigger stake in privately owned projects and bolster revenue as the West African nation grapples with a deepening debt crisis.

The country will likely adopt a new mining law aimed at ensuring the country derives more benefit from its minerals, including by increasing local processing, by year-end, President Bassirou Diomaye Faye said Wednesday, minutes from a cabinet meeting show.

The move comes as Senegal grapples with stabilizing its finances after an audit found that the administration of Faye’s predecessor hid $7 ...