Mining industry needs time to flourish—Msaka
Minister of Energy and Mining, Bright Msaka, has said it will take some years before Malawi starts benefiting fully from the mining sector.
Msaka said although his ministry received overwhelming applications for exploration licences, the ministry is not in a rush because it understands that the mining industry requires huge capital injection which might take some time to be made available
“After we have notified the public on the results of the geological survey which we released last year, we have been getting a lot of interest from prospective people to come and do exploration and mining.
“But it does not mean that the moment we give them a go ahead they will start digging the minerals instantly, they will have to verify the kind of returns they will likely get from their investments and from there they have to convince people with deep pockets to invest and that cannot be done in a day,” said Msaka.
Msaka added that before issuing mining licenses, there is need to find the actual locations, quality and quantity of the mineral deposits that is done in an exploration exercise.
The minister also disclosed that the commit that issues licences is receiving more applications from people who want exploration licenses.
He could, however, not disclose as to how many individuals and companies have applied and showed the interest so far.
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