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Teranga is committed to best practice in corporate governance. We have formalized our commitment to conducting our business and affairs in accordance with the highest ethical standards by enacting a Code of Business Conduct and Ethics. We strive to comply with all applicable mining codes and national and international laws, and we adhere to the Extractive Industry Transparency Initiative (“EITI”).

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 an EITI candidate country in 2013. We continue to work with the Government of Senegal as a member of the multi-stakeholder group responsible for preparation of the first extractive revenue reconciliation report (EITI report).


Payments to the Government of Senegal
(all figures below are in US$000's except for per ounce amounts)
2014 2013 2012
 Tax Assessments $1,200 $2,600 -
 Mining Royalties $15,089 $10,000 $6,138 
 Gold Reserves ($6.50 per oz) $925 $925 
 Advance Dividends - $2,700  $883 
 Customs Duty $474 $1,493 $1,225
 Witholding Taxes $3,822 $4,270 $8,806
 Social Security and Pension $354 $336 $349
 Water and Forestry - Penalties  $31 $401  $44 
 OJVG Waiver Payment  $1,534  -  -
 Institutional Support $764 $248 250.5
TOTAL $24,193
$22,973 $17,445

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

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.