webmaster
© Copyright DEHAI-Eritrea OnLine, 1993-2010
All rights reserved
From: Biniam Tekle (biniamt@dehai.org)
Date: Wed Sep 01 2010 - 07:37:37 EDT
http://www.smh.com.au/business/australian-miners-flock-to-africa-20100901-14n0f.html
Australian miners flock to Africa
September 1, 2010 - 2:58PM
Investment by Australian companies in Africa’s resources sector has
grown to an estimated $20 billion, as confidence in the continent’s
future grows, a Perth conference has been told.
The number of Australian mining firms listed on the domestic bourse
operating in Africa has risen from 54 in 2003 to more than 160
currently.
‘‘This year alone, more than 20 ASX-listed companies have been added
to the number of firms with assets in Africa,’’ Department of Foreign
Affairs and Trade secretary Dennis Richardson told the Paydirt Africa
Down Under conference. ‘‘The growth of this investment has been
impressive, both in absolute numbers and in geographical spread.
Advertisement: Story continues below‘‘Africa has more overseas mining
projects held by Australian companies than any other region - about 40
per cent.
‘‘Over 170 Australian companies are now involved in mining projects in
nearly 40 African countries, with this footprint covering involvement
in nearly 500 mines and exploration projects.’’
He said Africa was now more politically stable and prosperous than at
any time in its past but barriers still needed to be overcome for the
continent to realise its potential for much more Australian
investment.
‘‘Specifically, in order to raise capital and bring projects to
fruition, legal and regulatory clarity and transparency will be
essential, especially when it comes to mining titles, leases and
licences.’’
Botswana, Ghana, Tanzania, Namibia and Zambia were ranked within the
world’s top 30 regimes, a recent worldwide survey of mining company
views on the investment appeal of various jurisdictions by Canada’s
Fraser Institute found.
Delegate numbers at the conference - which is the largest
Africa-focused business event outside of Africa - have risen to 1400
from about 200 in 2003 when it first began.
A record contingent of resources ministers from 10 African countries -
South Africa, Eritrea and Mali, Botswana, Nigeria, Malawi, Senegal,
Mozambique, Equatorial Guinea and Zambia - will attend the three-day
event to spruik the benefits of investing in their nation’s mining
sector.
AAP
----[This List to be used for Eritrea Related News Only]----