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
The agreements include one gold exploration contract in Block with Manhattan Mining Investment Co; three prospecting contracts with Blue Magnolia Ltd in Block for bauxite and precious metals, Block for gold, and Block for gold, uranium, iron, bauxite, basic metals and rare earth minerals; and finally one prospecting contract with Shefagold in Blocks and for platinum, palladium, silver, chrome, copper, magnesium, phosphorus, iron ore and related minerals.
“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,” declared Gabriel Lima, Minister of Mines and Hydrocarbons. “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.
The move notably aligns with Equatorial Guinea’s Economic Diversification Policy designed by the Government following its Second National Economic Conference, and follows the successful approval of the Mining Law by the National Bicameral Parliament. Given Equatorial Guinea’s heavy reliance on hydrocarbons to support its economy, mining and minerals are seen as a key sector to diversify national output, increase revenue generation and create jobs.
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