Mozambique’s mineral wealth starting to attract foreign investors
There has been an increase in private sector interest in the mining sector of Mozambique, following the government's massive efforts to attract and encourage foreign direct investment. The government has set out a number of objectives for mineral resource development over the next five years, according to information posted on the Directory of Mines website.
These objectives encompass increasing mineral production and exports, creating an updated, reliable geological database, and improving the industry's administrative, health and safety structure. "To achieve this, the government guarantees private-sector investors a stable legal and fiscal framework from which to operate," says the website.
Mineral sector activity is governed by the 1986 Mining Act, which was updated by amendments introduced in 1994. But recently, the Cabinet, acting to improve the country's competitive position in the mining sector, approved a new mining and geological policy. Taken together with existing legislation, it offers further encouragement to private-sector participation in mining ventures.