Equatorial Guinea signs its first mining contracts in the country’s history


Devdiscourse News Desk | Malabo | Updated: 18-05-2020 15:51 IST | Created: 18-05-2020 15:51 IST
Equatorial Guinea signs its first mining contracts in the country’s history
File photo Image Credit: Twitter (@GabrielObiang)
  • Country:
  • Equatorial Guinea

Equatorial Guinea's Ministry of Mines and Hydrocarbons has signed the very first mining contracts in the country’s history, according to a news report by CNBC AFRICA.

Five Mining contracts were signed with three different companies and follow the conclusion of the country’s first mining bidding round last year, EG Ronda 2019.

The agreements include one gold exploration contract in Block (I) with Manhattan Mining Investment Co; three prospecting contracts with Blue Magnolia Ltd in Block (B) for bauxite and precious metals, Block (K) for gold, and Block (H) for gold, uranium, iron, bauxite, basic metals, and rare earth minerals; and finally one prospecting contract with Shefagold in Blocks (N) and (O) for platinum, palladium, silver, chrome, copper, magnesium, phosphorus, iron ore and related minerals.

 H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons has said, "Mining is a key contributor to economic growth and job creation across West and Southern Africa, and we truly believe that it is time that Equatorial Guinea enters the race and starts developing its potential in minerals."

"The development of this industry is central to the government’s economic diversification agenda and is expected to create thousands of jobs in the future," he added.

Earlier this month, the Ministry of Mines and Hydrocarbons (MMH) had published a new regulatory framework for mining operations in the country. The new regulation applies to all exploration and exploitation activities by both foreign and local companies that wish to operate in the Republic of Equatorial Guinea.

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