Malawi to join the Extractive Industries Transparency Initiative to "enhance transparency in the mining sector"
Author: Extractive Industries Transparency Initiative, Published on: 13 May 2015
"Malawi to join the EITI"
Malawi is completing the sign-up steps to become an EITI candidate and is expected to present an application to the EITI Board by 30 June. The EITI is part of the government’s commitment to develop the oil and mining sector in a manner that generates revenue to the state and benefits the citizens of Malawi.
President Mutharika noted in his recent speech to the parliament: “In view of the commitment by government to enhance transparency in the mining sector, Government will join the Extractive Industries Transparency Initiative (EITI) to promote revenue transparency.”...
Malawi...has only in recent years started to develop its extractive sector. The government’s aim is that in 2020 the sector would contribute 20% of the GDP. Resources in Malawi’s soil include uranium, coal and rare earth minerals. Currently the only large-scale mining operation is the Kayelekera uranium mine run by Paladin. The process of awarding licenses for oil exploration in Lake Malawi has stirred debate in local media. EITI Reports will bring transparency to the way licenses are allocated and enable facts-based dialogue on how the resources should be managed.
Related companies: Paladin Energy