African mining to experience new narrative - CNBC Africa

African mining to experience new narrative


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Mine rig. PHOTO: Getty Images

Speaking at the opening of the high level conference preceding the third Ordinary Session of the African Union (AU) Conference of Ministers Responsible for Mineral Resources Development, ECA Officer-in-Charge, Special Initiatives Division, Fatima Denton, said that the AMV is a bold idea that demands a new narrative which can only be achieved if partnership becomes an important lever to redress the balance and create equality of opportunities for the African people. 

Denton said that the AMV must re-set the dials of the compass to industrialisation to ensure that in the new climate of natural resource exploitation that we not only extract, and but add value to our resources.

“As we collectively re-write the new narrative on mining and extractive, we remain determined in our resolve to enter into broad agreement with governments, regional economic communities, private sector, research institutions and men and women of Africa and beyond who remain tireless in their fight for an inclusive and sustainable growth." 

She added that Africa’s endowment with abundant natural resources needn’t be a curse, but a blessing. 

“The blessing is to reset the compass points to a future on which we can weigh the scale of our ambition against a sector that will shore up new jobs, create novel opportunities and design policies, frameworks and mechanisms that will support, accompany and deliver on the bold lifelong project of the Africa Mining Vision,” she said. 

Meanwhile, Director of Trade and Industry at the AUC, Treasure Maphanga commended ECA and other partners including Africa Development Bank for their technical support in shaping the AMV and developing a business plan for establishing the Africa Mineral Development Centre. 

Maphanga said the vision was an African owned initiative re-writing the African story and represents a major structural transformation of moving mineral worth from an enclave of extractive industries to inclusive development. 

The AMV was adopted by African presidents in February 2009 and directed Ministers Responsible for Mineral Resources to develop a road map for implementing the vision for a transparent, equitable and optimal exploitation of mineral resources to underpin broad-based sustainable growth and socio-economic development.