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Togo tries to attract foreign mining companies

Phosphate mining
in Togo
Lome, Togo — MININGREVIEW.COM — 30 November 2010 – The government of the West African country of Togo is hoping to attract foreign mining companies to invest in its mining industry, having entered into a programme that boosts transparency in the sector.

Announcing this development here, energy and mines minister Noupokou Dammipi said “There are certainly potential investors who want to come to Togo and invest in the mining industry, but they may be scared.”

He added in an e-mailed response to questions that by joining the Extractive Industries Transparency Initiative, the government “would like to send a signal to investors across the world that Togo is a safe and sure destination for business in the mining sector.”

Togo’s mining industry has been dominated by phosphates, the ingredient for fertilisers. The West African nation has been investing to boost production, including investment in new equipment to triple production to 3Mt, said Dammipi.

The Oslo-based transparency programme sets a standard for companies and countries involved in extractive industries to publish revenue earned from oil, gas and mining, according to its website.

Liberia and Ghana, Togo’s neighbor and Africa’s second-biggest gold producer, are Africa’s only full-member countries. Togo was named a candidate country on 19 October this year, and has two years to become compliant.