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K5 billion needed for mining company

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By Wezzie Gausi

Malawians should wait for a while before they see the much touted mining company rolling its operations in the country as the government is yet to secure K5 billion for operationilisation.

Once rolled, the State-run entity will play an oversight role over the mining industry, which is seen as the next big thing for the Malawi economy, to complement the volatile agriculture sector.

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Minister of Mining Albert Mbawala told journalists Wednesday that the company would help in promoting mining activities in the country.

He said the company would also be involved in exploration and mining activities.

“This company will require a large investment for it to be operational. We will have laboratories and many other things in mining. The company will be testing minerals, at the same time looking after other mining companies. We have negotiated with the Ministry of Finance to give us kick-off capital,” Mbawala said.

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Recently, the Ministry of Mining said it was finalising drafting regulations for the Mines and Minerals Act 2018.

In an earlier interview, Natural Resources Justice Network Chairperson Kossam Munthali said Malawi’s mining sector remained non-beneficial in 2021 despite having a legal framework and other interventions to boost it.

Malawi is believed to have abundant natural resources including limestone and unexploited deposits such as uranium, coal, bauxite and gold.

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