Equatorial Guinea’s Ministry of Mines and Hydrocarbons (MMH) has reportedly signed five mining contracts for the first time in its history. This followed the heels of the conclusion of the country’s inaugural mining bidding round last year.
The contracts have been signed with three different companies, which include one gold exploration contract in Block I with Manhattan Mining Investment, three contracts with Blue Magnolia in Block B for bauxite and precious metals and Block K and H for gold and precious metals, base metals, and rare earth minerals. One of the five contracts also includes a prospecting contract with Shefagold in Blocks N and O for platinum, palladium, silver, magnesium, phosphorus, chrome, copper, iron ore, and other associated minerals.
According to the Ministry of Mines and Hydrocarbons, exploration activities under the new contracts are expected to begin in the Rio Muni area, which is rich in minerals such as bauxite, diamonds, gold, base metals, and iron ore.
Equatorial Guinea Minister of Mines and Hydrocarbons Gabriel Mbaga Obiang Lima said: “Mining is a key contributor to economic growth and jobs 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.”
He also said, “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.”
Earlier this month, MMH published a new regulatory framework for the country’s mining operations, applicable for all exploration and exploitation activities by both foreign and local firms wishing to operate in the Republic of Equatorial Guinea.
Responses
