Malawi Hosts First Mining Investment Forum to Showcase Mineral Potential

Malawi is hosting its first-ever mining investment forum at the Bingu International Convention Centre from April 23-24, 2024 to showcase the country's mineral potential to global delegates. President Lazarus Chakwera, who launched the forum, believes mining has the potential to end Malawi's perennial foreign exchange challenges within six years if several mining projects take off and add to the exports basket.

The forum, held under the theme 'Transforming the Nation through Sustainable Mineral Extraction,' attracted over 300 participants from African countries and beyond. President Chakwera emphasized the importance of the mining sector in accelerating Malawi's economic growth, stating that the country is endowed with natural resources that other countries desire. He mentioned that his administration has updated the Mineral and Mines Act and established a Mining Regulatory Authority and Mining Company to better manage the mining sector.

The Minister of Mining, Monica Chang'anamuno, expressed the sector's potential to contribute significantly to Malawi's GDP if all parties involved collaborate and add value to the minerals within the country. She also stated that the ministry is committed to providing a conducive environment for those willing to invest in Malawi's mining sector.

Why this matters: The successful hosting of the Mining Investment Forum signifies Malawi's commitment to developing its mining industry and attracting foreign investment. The event provides a platform for Malawi to showcase its mineral wealth and forge partnerships that could drive economic growth and create job opportunities in the country.

President Chakwera challenged stakeholders to find solutions to the delayed mining benefits, emphasizing that Malawi has waited too long to reap the real proceeds from its mineral resources. He vowed that his government will see the end to efforts that include the establishment of the Mining Authority and a State-owned mining company to steer the development of mines. The President also called on the private sector to take advantage of the good environment and the opportunities the sector offers, but was emphatic on Malawi benefiting from the sector, stating that the government will ensure mining deals are fair to Malawians and that previous mining development agreements are reviewed to remove exploitative elements.

The forum also saw Malawi ratifying a treaty of Africa-Saudi Arabia cooperation, through which Saudi Arabia is offering $15 billion in financing for mining investment. The African Mineral Strategy Group urged Malawi to play a leading role in financing exploration of mineral resources. Malawi boasts various minerals, including gold, rubies, rutile, bauxite, oil, gas, uranium, and iron deposits, and is hoping to clinch new mining deals during the forum.

Key Takeaways

• Malawi hosts its first-ever mining investment forum to showcase mineral potential.
• President Chakwera believes mining can end Malawi's foreign exchange challenges in 6 years.
• Malawi updated mining laws, established a Mining Authority and State-owned mining company.
• Malawi ratified a $15 billion Africa-Saudi Arabia mining investment cooperation treaty.
• Malawi boasts diverse minerals and aims to secure new mining deals at the forum.