African countries want to standardize policies in the mining sectors
to make real returns for their respective citizens, the Zambia
Daily Mail reported.
Plans are underway by African countries, blessed with mineral wealth,
to harmonized and standardise policies that will attract investors and
enable affected countries to maximize profits from their mineral
resources, the paper reported citing Minister of Mines, Energy and
Water Development Christopher Yaluma.
The alliance to be formed soon will assist African countries
formulate similar policies that will ensure countries maximize from
their mineral potential and further deter some companies from
exploiting mineral-rich nations, the paper added without stating when
the policies will be implemented.
The standardized policies, which will also ensure to promote local
content where investors will use similar policies where locally
manufactured equipment will be used while also engaging locals as
suppliers of goods and services to ensure the promotion of the local
content concept. The policies are expected be similar in all countries
with mineral potential and will also ensure investors abide by them
for the benefit of both mining companies and the citizens.