Carr tips $5M into African mining

AUSTRALIA has joined the growing list of nations supporting developing countries to unleash mineral wealth by funding a global trust dedicated to mining education and training.
Carr tips $5M into African mining Carr tips $5M into African mining Carr tips $5M into African mining Carr tips $5M into African mining Carr tips $5M into African mining

Speaking at the International Mining for Development Centre in Perth on Friday, Australian Foreign Minister Bob Carr announced $A4.9 million in funding would be applied to the Extractive Industries Technical Advisory Facility to help developing countries.

The facility is a multi-donor trust fund managed by the Oil, Gas and Mining Policy and Operations Division of the World Bank.

Australia now joins Canada, Norway, Switzerland, the International Finance Corporation and the World Bank in supporting the facility, which aims to train 2000 people in the management of mineral resources by 2015.

The facility helps developing countries to understand, negotiate and analyse financial, legal and environmental aspects of mining agreements, governance and regulation, community and environmental sustainability, and operational effectiveness and safety.

Carr said Africa's exports of oil, gas and minerals were worth more than nine times the money it received in foreign aid.

"This represents an opportunity for developing countries to use their mining wealth to drive their future prosperity," Carr said.

Through the establishment of the International Mining for Development Centre, Carr said Australia had applied its world leading expertise in mining to resource rich countries through education.

"The centre is an example of Australian know-how that delivers global benefits," he said.

A partnership between AusAID, the University of Western Australia and the University of Queensland first developed the WA-based International Mining for Development Centre.

It provided resource rich developing countries with access to education and training, technical advice, short courses in Australia and overseas; fellowships in Australia, mentoring and capacity building of local institutions.

AusAID also supports the Australia Africa Partnerships Facility which provides African governments with knowledge, skills and systems to better manage their resource wealth.

AusAID said the African governments' number one consistently raised priority had been concerning Australia's assistance for developing Africa's mining sector.

So far, Australia's commitment to the program is $125 million over five years, of which $6.7 million was allocated to mining related activities between 2011 and 2012.

loader
  • NEW: Digital version of PNG Report magazine - View here
  • Porgera: Barrick-PNG talks go on - Read more
  • Follow the companies investing in the PNG market - Read more

Most read Regions