South Africa’s mining industry is set to receive a boost following the completion of a Memorandum of Understanding (MoU) signed by the Organization of African Geological Surveys (OAGS) and the African Union (AU), promoting socio-economic integration and development in Africa. The MoU aims to foster collaboration between the two organizations in order to support sustainable development and mineral resource management in the Continent.
Africa is rich in mineral resources, including precious metals, however, the Continent has struggled to fully capitalize on these resources due to a lack of investment and inadequate infrastructures.
Dr. Rokhaya Samba DIENE, the OAGS President, signed the agreement with His Excellency, Ambassador Albert M. Muchanga, Commissioner for Economic Development, Trade, Industry and Mining representing the AU. Through this agreement, the AU and OAGS aims to address the above-mentioned issues by providing technical and financial support for geological surveys and mineral resource management projects in Africa.
In his welcome address on day one of the 2023 Investing in African Mining Indaba, the Minister of Mineral Resources and Energy, Gwede Mantashe highlighted that “This initiative will breathe life into the Agenda 2063 vision of the African Union.”
Some key aspects of the MoU include the following:
- Africa Mining Vision (AMV)
- African Commodities Strategy
- Development of geoscience applications in the African Continent
- Accelerated Industrial Development of Africa (AIDA)
- Boosting Intra-African Trade (BIAT) action plan
- Developmental target of the African’s Union 2063 Agenda.
The AU and OAGS will work together to identify potential investors and provide them with the necessary information and support to invest in the continent. This includes providing geological data and analysis to help investors identify potential mineral resources and assess the feasibility of mining projects.
In addition to promoting investment, the MoU also aims to support sustainable development and mineral resource management in Africa. The OAGS and AU will collaborate to provide technical assistance and training to local communities and Government officials in order to help them manage their mineral resources in a sustainable and responsible manner. This includes providing guidance on environmental impact assessments, community engagement, and benefit sharing.
Dr. Rokhaya Samba DIENE, President of the OAGS, said, “The MoU between the AU and the OAGS is an important step towards promoting socio-economic integration and development in Africa. By fostering collaboration between the two organizations, the MoU aims to support sustainable development and mineral resource management in the region. This will help to ensure that the benefits of mining are shared widely among local communities.”
“We will also collaborate in areas of geoscience mapping, geological information systems and other areas of mutual interest,” she continues.