Malawi’s President Lazarus Chakwera has announced plans to review all poorly negotiated mining deals in the country to ensure that Malawi fully benefits from mining activities. Speaking during his State of the Nation Address at the opening of the 50th session of parliament, Chakwera also pledged to prioritize the enforcement of mining laws and regulations in the 2023/2024 fiscal year to tackle illegal activities in the sector.
The move by the government to review mining deals is aimed at addressing concerns that Malawi has not been getting the full benefits from mining activities taking place in the country. Malawi is endowed with a variety of minerals, including uranium, coal, and rare earths, but the country has struggled to fully capitalize on the potential of its mining sector.
President Chakwera’s commitment to enforcing mining laws and regulations is also a step towards tackling illegal activities in the sector. Illegal mining has been a major issue in Malawi, with some mining companies accused of exploiting local communities and violating environmental regulations.
The president’s announcement has been welcomed by mining industry players, who have expressed optimism that the government’s efforts will create a more conducive environment for mining operations in the country. The move is also expected to attract more foreign investors into the sector, who have been hesitant to invest in Malawi’s mining industry due to concerns over poorly negotiated deals and the prevalence of illegal activities.
In conclusion, the government’s commitment to reviewing mining deals and enforcing mining laws and regulations is a positive step towards unlocking the potential of Malawi’s mining sector. If implemented effectively, these efforts will create a more transparent and accountable mining industry that benefits both the government and local communities.