Mauritania Gas Is Flowing. Uranium and Hydrogen Are Queued

Mauritania has established itself as a gas exporter. The Greater Tortue Ahmeyim field, situated on the maritime boundary with Senegal, began producing gas on December 31, 2024. The first liquefied natural gas shipment occurred in February 2025, with the first cargo loaded on April 17, 2025. Ownership is divided among the operator, a partner, the Senegalese state company, and the Mauritanian state company.

Domestic demand in both nations consumes a portion of the gas. The field achieved nameplate capacity in December 2025, delivering around 2.9 million tonnes of LNG equivalent by early 2026. A second phase, involving a gravity-based structure and additional wells, aims to increase capacity to 2.5 to 3 million tonnes per year, potentially surpassing 5 million tonnes.

However, a final investment decision hasn't been made as of March 2026. The economic impact is substantial but not as dramatic as initial projections. Real GDP grew by 6.3% in 2024 and 4.0% in 2025, with the IMF forecasting 4.7% and 4.5% growth for 2026 and 2027, respectively. Inflation decreased from 3.1% at year-end 2024 to 4.1% in 2025, with projections for 3.0% in 2026.

Mauritania's fiscal balance improved, moving from a deficit of 1.4% of GDP in 2024 to a surplus of 0.3% in 2025, with expectations of a surplus of 1.0% in 2027. Public debt decreased from 43.5% of GDP in 2024 to 40.7% in 2025, with a projected 37.6% in 2026. The country's reserves stood at approximately $2.16 billion in 2025. An IMF agreement, approved on June 24, 2026, provides up to $95.8 million in assistance.

However, gold export revenues, primarily from foreign-owned companies, are expected to increase significantly, but these revenues do not fully represent the national income. Before the advent of gas, Mauritania was primarily an iron ore producer. The national mining company employs nearly 7,000 people and contributes about 9% of GDP.

The company upgrades iron ore, from around 30% content to 66%, before export. A 700-kilometer railway connects inland mines to the coast, with trains up to 2.5 kilometers long. The port channel has been deepened over 25 kilometers to accommodate vessels up to 230,000 tonnes. The medium-term production target for iron ore is 45 million tonnes, with a sales target of 15.5 million tonnes for 2026 after a record 2025 export.

Mauritania's iron ore sector operates a 700-kilometer railway, connecting inland mines to the coast. The port channel has been deepened to accommodate vessels carrying up to 230,000 tonnes. The iron ore sector's production target is 45 million tonnes, with a sales target of 15.5 million tonnes for 2026.