re: Ann: OKU Moves to Finalise Mali Gold Proj...
Mali aims to lure investors with mining review.
Wednesday, 18 May 2011
Reuters reported that Mali plans to overhaul its mining code to lure investors into resources such as oil and uranium before an expected fall in output of its main export earner gold.
Officials said that soaring world market prices lifted revenues from gold in Africa's third biggest producer to a record USD 405.8 million in 2010 over half of all export earnings.
But Mali in March slashed its 2011 production forecast from 60.5 tonnes to just under 50 tonnes and a cabinet meeting held last week detailed plans to diversify into other sectors predicting that output could fall from 2014.
Mr Diakaridia Fomba spokesman for Mali's ministry of mines said that "The measures will include a review of the mining code with the principal objective of promoting other minerals. The review will seek to ease the procedures for acquiring permits for exploration or exploitation."
A report of the cabinet meeting seen by Reuters said that the government would promote investment in exploration of other minerals including bauxite, nickel, phosphate and manganese.
Mr Fomba did not give a timeframe for the review nor when the process will begin but said that research by the government and some companies had already identified potential mineral resources.
