Malawi to net US$500m in mining prospects

  1. Posted on Friday 7 May 2010 - 10:16
    Mtheto Lungu
    Image of Mtheto Lungu
    M’theto Lungu, AfricaNews reporter in Lilongwe, Malawi
    Malawi's mining prospects are expected to jump from the current $100m to $500m between now to 2018, the Ministry of Labour said. A World Bank review of the country's mining sector revealed the good news. Principle Secretary Andrina Mchiela said such figures will provide employment as the industry will contribute more to the GDP.
    malawi map
    "Currently the mining sector rolls in about 3% of the GDP. Projections are that the mining industry will contribute up to 20% by 2011," she revealed.

    Mchiela also listed big mining projects in the country that include Kanyika Multi Commodity Project in Mzimba, Bwanje Cement Project in Ntcheu and Tengani Heavy Mineral Sands in Nsange districts. Malawi is also mining uranium at Kayelekera run by Paladin Africa Ltd. Coal mining is also being undertaken at Mchenga in Rumphi district.

    "These will significantly add value to the economy," she said.

    A number of mining explorations, she added, were being conducted by Mota Engil in Dedza, Kirk Range area in Lilongwe, and Dwangwa in Nkhotakota districts. Britannia Mining Limited was exploring iron ore at Mindale and a coal project being pursued by the government's Geological Department in Nthalire in Mzimba, among several others.

    "Government is convinced the country's ability to diversify and turn around the economy lies in attracting both local and foreign investors to establish a viable mining industry," she said.

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