Progress towards the mining code - AKO Thread, page-23

I can have a go at responding to this question.

So, as you are aware, Madagascar is in the process of updating its mining code. All mining and exploration permits have not been renewed for a number of years now while this is taking place. Though, Madagascar still collects permit payments from explorers and in-practice still allows exploration to continue.

The new mining code was approved by the required two houses of parliament (National Assembly and Senate) in 2023.

The next step would be implementation of the new mining code.

However, Madagascar has since gone through two elections: The Presidential election in Nov 23, and the National Assembly in May 24. Like in many countries, unfortunately a lot of the official business slows down or stops while everyone focuses on winning the election. So the mining code is not yet implemented.

The good news is the incumbent President and ruling party won the elections and so there is no risk of a new party putting forward a motion to change or cancel the mining code before it is implemented.

And in a very recent update (the post that you are referring to), the Malagasy President declared that the processing of mining permits will be restarted. This is significant news and great news as it suggests that the official business of the Ministry of Mines will recommence following the election hiatus. Presumably this will coincide with the mining code being implemented as well.

The final point to mention is that the IMF published a report on Madagascar in July 2024. This included a timetable showing the mining code is to be implemented in the six-months to October 2024. So implementation could come any moment in the next 3 months, but it is happening. Madagascar has borrowed from the IMF so you can be sure that Madagascar will follow through with its commitment to IMF. And IMF would not publish that forecast if it felt the October 2024 timetable was at risk.

Hopefully a big end to the year for all mining and exploration businesses in Madagascar.

Source
https://www.imf.org/en/Publications/CR/Issues/2024/07/10/Republic-of-Madagascar-Request-for-an-Arrangement-Under-the-Extended-Credit-Facility-and-551634