INDABA DEVELOPMENTS
African mining has vision and map for growth — now it needs investors
Private sector compact to be spelled out as region seeks to build transformative extractive industries, writes Peter Leon
At the Mining Indaba in 2016, the Mining Industry Association of Southern Africa (representing eight national chambers of mines) and government representatives from the region quietly concluded a "new deal" to work together to implement the African Mining Vision. The terms of the vision’s "private sector compact" will be publicly unveiled at the 2017 indaba — it represents a promising first step in turning around Africa’s mining travails. The vision itself was adopted by AU heads of state in 2009 as a road map to "transparent, equitable and optimal exploitation of mineral resources to underpin broad-based sustainable growth and socioeconomic development". Expressed as seven tenets, the vision’s objectives are to promote good governance; develop institutional and human capacity; optimise knowledge and use of minerals; build local and regional infrastructure; stimulate economic diversification; harness the potential of small-scale mining; and foster transparency and accountability. Th...
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