Mauritania has significant mineral deposits, in particular iron ore, gold and copper. Commercial oil reserves have been found offshore, adding to the reserves at the Chinguetti oil field discovered in 2001. Oil production started in February 2006; Mauritania's proven and probable crude oil reserves are estimated at around 600 million barrels and the sector is bound to have a significant share in the economy. In 2009, exports of natural resources accounted for roughly 80% of total export earnings (38% iron ore, 17% gold, 9% copper, 16% petroleum), and around 37% of GDP.
As an EITI Compliant country, according to the 2011 EITI rules, Mauritania was required to publish its 2010 report by 31 December 2012. Mauritania failed to meet this deadline. The Board of the EITI found that Mauritania had not faced exceptional circumstances to warrant an extension of the deadline, and it agreed at its meeting on 26 February in Oslo to temporarily suspend Mauritania. This suspension will be lifted if the 2010 EITI Report is published by 30 June 2013.
The reconciler for the 2010-2011 report has been recruited, and Mauritania aims to publish this report by 30 April 2013.
- Oil contracts available online www.cnitie.mr/documentspublic/evolutions-recentes.pdf
- Disaggregated government revenues available online www.cnitie.mr/article.php?categ=36
- Inclusion of fisheries (discussion underway)