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responsibility

Transparency, open dialogue and collaboration with all our stakeholders. 

Our Approach

At Teranga, we are committed to conducting our activities in compliance with applicable laws and the highest ethical standards as set out in our Code of Business Conduct and Ethics. We require that all our employees and business partners adhere to the same duty of care. 

We believe that our success depends on our ability to earn the trust of our stakeholders by conducting our operations transparently, and we work towards better communicating on what we do. We are a strong advocate of the Extractive Industries Transparency Initiative (EITI) and also a member of the United Nations Global Compact. 

Protecting and Promoting Human Rights

Teranga is committed to promoting and respecting human rights as set forth in the United Nations Universal Declaration of Human Rights. This commitment is reinforced in our Code of Business Conduct and Ethics and is part of our adherence to the United Nations Global Compact. Protection of human dignity and promotion of mutual respect for all our stakeholders are core to our corporate values. We take responsibility for our actions towards our host country, the local communities and the environment in which we operate. Furthermore, we expect our suppliers and business partners to respect and endorse our commitment and standards regarding human rights.

Revenue Transparency

The mining industry can be a significant contributor to developing countries. To achieve positive results, mining companies must engage in responsible resource exploitation and governments must appropriately manage mining revenues. Transparency allows all stakeholders to monitor how such revenues are being distributed and spent.

Senegal was officially accepted as a EITI. candidate country in 2013. We continue to work with the Government of Senegal and as a member of the multi-stakeholder group, we assisted in the preparation of the first extractive revenue reconciliation report (EITI report). We continue participating in the EITI initiative actively since then. 

Burkina Faso is also participating in the EITI and we strive to be a strong supporter in the country as well.

Payments to the Government of Senegal (USD 000s) 2013 2014 2015 2016
Direct taxes  $  6,870  $ 5,024  $ 3,770  $ 20,291
   income tax  $  2,600  $ 1,202   -    $ 13,873
   witholding tax  $  4,270  $ 3,822  $ 3,767  $ 4,178
   business tax   -     -     -    $ 1,206
   registration fees  -   -    -    $ 1,034
Indirect taxes  $  7,228  $ 8,548  $ 17,589  $ 11,609
   non-recoverable VAT    -    -    $ 2,151  $ 3,713
   customs duties  $  1,493  $ 474  $ 2,560  $ 3,765
   fuel taxes  $ 5,735  $ 8,074  $ 12,879  $ 4,131
Mining royalties  $ 10,000  $ 15,089  $ 11,012  $ 21,081
Gold reserves  $ 925  $ 925   -     -  
Water and Forestry  $ 401  $ 31  $ 50   -  
Dividends paid in advance  $ 2,700   -     -     -  
Social security and pension  $ 336  $ 354  $ 294  $ 344
Advance royalties   -    $ 1,534  $ 9,154  $ 1,228
   OJVG advance royalty   -    $ 1,534  $ 4,954  $ 1,228
   Gora advance royalty   -     -    $ 4,200   -  
Institutional support  $ 248  $ 764  $ 881  $793
TOTAL $ 28,708  $ 32,269  $ 42,751  $55,347

 

2016 CSR Report Launch in Senegal

In October 2017, we held our annual Senegalese responsibility report launch in Dakar, in the presence of a number of ambassadors, other dignitaries, business partners, government officials and the press. 
  

This responsibility report illustrates our corporate social responsibility framework and achievements in Senegal. Notably in 2016, the report celebrated the 10-year anniversary of the Sabodala mine and surrounding communities with a special insert.

The event was well received, and Teranga received praise for its social performance and setting the benchmark for responsible mining in Senegal by a number of key individuals including Philippe Barry of RSE Senegal, Former MP Helene Tine, Ambassador of Canada, and the Director of Mining Operations representing the Minister of Mines.
 

CSR and Sustainable Development Charter - Responsabilité Sociale de L’Enterprise (“RSE”) Senegal 

RSE Senegal is a Senegalese-based organization with the objective of spreading CSR values and best practices within the country. Endorsing this Charter is a further commitment to the Senegalese state and the Senegalese people that Teranga is engaged in CSR best practices. 


 

Focused and Dedicated at Every Level

Teranga has implemented a governance structure that supports its comprehensive CSR strategy, where CSR is a priority at all levels of the Company.

CSR and Sustainable Development Charter - Responsabilité Sociale de L’Enterprise (“RSE”) Senegal 
CSR and Sustainable Development Charter - Responsabilité Sociale de L’Enterprise (“RSE”) Senegal 

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