Government officials s are assuring Malawians that they will start reaping the fruits from the mining sector soon after the launch of the policy governing the sector.
Minister of Mining John Bande said this Tuesday ahead of the policy launch on Wednesday in the Capital Lilongwe.
Bande says the policy aims to enhance participation by Malawians in the mining sector.
“Previously people have been concerned with low participation of Malawians in mining also lack of government participation in the mining projects,” says Bande, adding that through the policy the government “wants to help both local and foreign ventures so that Malawians can start benefit from ventures of mining in the country.”
President Joyce Banda’s administration created the mining ministry to ensure efficient and effective operation of the mining sector which has long been riddled with challenges largely because of lack of proper legislation.
Bande says the policy comes at “an opportune time” when Malawi is intensifying to diversify its economy under the economic recovery plan (ERP).
The mining sector has been contributing about 10 percent to the growth domestic product (GDP) since the opening of the Kayelekera Uranium Project in the northern district of Karonga, from the previous 3 percent.
However, Bande says it is hoped that once the policy is implemented the sector will contribute 20 percent to the GDP by the year 2016.