Mozambican government gives assurances it will maintain attractive conditions for mining sector investment

8 July 2011

Maputo, Mozambique, 8 July – Mozambique’s Mining Resources minister Tuesday quelled mining sector investor fears by giving assurances that the country would maintain its attractive conditions for foreign investment in the sector.

According to Esperança Bias, “one of the policies of the current mining sector legislation is to share fairly the benefits resulting from mining between investors and the State,,” whilst also maintaining attractive and competitive terms for foreign investment as compared to those offered by other countries.

Also in relation to legislation, the Mozambican minister said that the definition of the legal framework for mining, including specific legislation for the mining sector, on taxation, the environment, technical safety and health, work and hiring of staff, had been of particular concern to the government.

“A broad-ranging and appropriate legal framework is a key tool for promoting and creating a climate that favours direct investment in the mining sector,” Bias noted.

Current legislation includes some terms relating to transparency in managing mining resources.

According to Bias, Mozambique joining the Extractive Industry Transparency Initiative (EITI) boosted the government’s commitment in this respect and a report had been drawn up on reconciling payments by companied with revenue collected by the State in 2008, which was submitted to the EITI for validation.

The same report is now being drawn up for 2009, which will include a larger number of companies. (macauhub)