Despite the ongoing dispute between Malawi and Tanzania over the lake that sits on oil deposits (Lake Malawi or Nyasa depending on which side of the border you come from), Malawi’s Minister of Mining John Bande was able to present on Malawi’s mining sector at the Great Rift Valley Mining Summit held last week in Dar es-Salaam, Tanzania. Bande highlighted that
Malawi has abundant mineral resources that are yet to be tapped. Serious investors are welcome as our country is also peaceful. What we need is further geological work and exploration to determine and confirm real potential.
— Sara Jerving (@sarajerving) April 18, 2013
At the Summit, organized by Entico Events on the 17 and 18 of April, government officials from the Democratic Republic of the Congo, Djibouti, Ethiopia, Malawi, Mozambique, Rwanda, Tanzania, Uganda and Zambia met with international organisations and financing bodies as well as over fifty mine owners and mining companies in the region from Australia, Canada, Denmark, France, Ireland, Portugal, South Africa, Switzerland, Turkey, UAE, UK and USA. Entico Events also organizes Great Rift Valley Summits in the ICT and Energy sectors. Malawi participated in the Energy Summit held in December 2012 in Nairobi, Kenya.
Malawi’s delegation at this summit was made up of Bande and Eliya Saiti, the Regional Mining Engineer at the Ministry of Mining’s Department of Mines.
Malawi needs exports of above USD 3 billion if the economy is to be afloat according to Reserve Bank of Malawi (RBM) Deputy Governor for Economics, Naomi Ngwira. Increases in exports are anticipated to be driven in part by the growing mining sector as identified in the Economic Recovery Plan (2012) and in the new Mines and Minerals Policy (2013). However, research conducted by the Institute for Policy Interaction reveals that Malawi loses USD 1 billion per year due to the smuggling of precious stones and without enforcement of regulations Malawi will not meet its potential in benefiting from resources.
— GRV Mining Summit (@GRV_Mining) April 18, 2013