Govt To Revoke Mining Licences Of Companies That Have Stayed Idle For Five Years Or More
Published on August 24, 2020 at 2:10 PM by Edgar Naitha
According to the Minister of Mining, Rashid Gaffar, the government will start revoking mining licences from companies that have stayed idle for five years or more.
Gaffar outlined that people buy a site endowed with mineral resources, leave it idle and be selling it when Malawians are not benefiting from such.
“I cannot disclose the cut-off point but we are reviewing all licences and those that have been idle for so long, we will revoke their licences,” said the minister.
According to the Reserve Bank of Malawi (RBM), the country’s Mining and quarrying industry is estimated to grow by 3% this year, from 4% estimated earlier. The change is mainly attributed to the coronavirus pandemic.
The virus arrives at a time when the government looked to minerals as the country’s main revenue maker, tobacco, saw a decline in sales and demand, followed by global anti-smoking laws.
