Malawi has banned the export of gemstones and precious minerals to reform its mining sector administration. The decision, effective immediately, follows a directive to review existing contracts amid claims of unpaid taxes and royalties from foreign companies. The mining sector’s contribution to Malawi’s economy remains minimal, despite its potential for significant growth.
Malawi has imposed a ban on the export of gemstones and precious minerals, as well as the issuance of new mineral export licenses, to reform the administration of its mining sector. This suspension, which was announced by the government on Wednesday, aims to enhance the efficiency and transparency of mineral rights management in the country. Mining Minister Joseph Mkandawire emphasized the need for this measure to tackle existing issues within the industry.
In summary, Malawi’s government has initiated a freeze on mineral exports and a review of existing contracts to enhance transparency and efficiency in the mining sector. The country is seeking to reclaim substantial revenues that it believes are owed by foreign companies. With significant mineral deposits, Malawi aims to leverage its resources to improve its economy, which currently faces high levels of poverty.
Original Source: clubofmozambique.com
