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Business News of Tuesday, 29 September 2015


Mining sector investors urged to support small-scale miners

THE Chief Executive Officer (CEO) of the Minerals Commission, Dr Toni Aubynn, has urged investors in the mining sector to provide financial support to small-scale miners (SSMs) in order to improve their operations.

He said such initiatives would provide SSMs with the needed capital to operate and prevent them from ceding part of their concessions to entities whose activities usually resulted in the destruction of the environment.

“When we talk about formalising small-scale mining operations, we only focus on enacting laws to regulate their activities, but what they really need is access to capital in order to operate in an efficient and lawful manner,” he stated.

Dr Aubynn made this remark at the opening of the first Africa Dubai Precious Metals Forum (ADPMF).

The two-day forum, which is an initiative of the Dubai Multi Commodities Centre (DMCC), is being attended by 200 delegates from 121 organisations from 12 countries.

The Chief Executive of DMCC, Mr Gautam Sashittal, who opened the forum, said the objective was to strengthen trade links between Africa and the United Arab Emirates (UAE) by focusing on capacity building and financing in the minerals sector.

He stated that the strategic location of Dubai and its position as one of the largest trading centres of physical gold in the world enabled it to connect gold-producing regions in Africa to consuming markets in Asia and the Middle East.

The Head of Dubai’s Chamber International Office in Ghana, Mr Wissam Omar, said the forum was a crucial and well-timed step to provide an ideal platform for Dubai government organisations, as well as the private sector to interact with African companies and identify synergies for promoting bilateral trade and investment.