President of Malawi, Dr Lazarus Chakwera says mining as one of the key sectors of the economy will be regulated so that miners should benefit from the proceeds.

The President was speaking at Kamuzu Palace in Lilongwe in response to questions from the media.

The Malawi leader said he is aware of dubious contracts and licences that have infested the sector.

He said: “It is out of order to wake up one morning and find people are excavating precious stones in your backyard. This has to stop.”

He said it is disheartening to note that middlemen in the trade are ripping off Malawians.

The President said illegal mining and willy-nilly issuance of mining licences will not be acceptable by his administration.

Mining contributes 3 percent to the national economy of Malawi.