By David Haworth
Solving corruption and mismanagement problems in the African extractive industries would be boosted by the mandatory disclosure by companies of tax and revenue payments, a European Union (EU)-Africa conference on mineral wealth heard in Brussels, Belgium.
Africa is a leading producer of some significant industrial minerals, such as phosphate in North Africa – Morocco and Tunisia being among the world’s top five producers – andalusite, chromite, fluorspar, and soda ash in South Africa, bauxite in Ghana, and mineral sands in Mozambique and Madagascar.
Thanks to its massive resources, Africa has become the centre of attention for international investors attracted by the potential of new raw material sources.
But the continent’s paradox is that while many of its nations are rich in mineral resources, they remain some of the world’s poorest economies. ...