By Tawonga Mayuni
The Ministry of Mining says it is making progress in its plans to establish the state-owned mining company the Malawi Mining Investment Company (MMIC) and the Malawi Mining Regulatory Authority.
State President President Lazarus Chakwera said in his press briefing of October 2020 that he will expedite the establishment of the two government bodies
PRO for the Ministry Sangwani Phiri told Mining & Trade Review that the issue is with parliament to allocate funds for the formation of the two institutions.
“Be assured that we are on track, we were a bit quiet as parliament was in progress from where subventions are gotten from all Ministries, including the Ministry of Mining,” he said
But Phiri said the bills on the formation of the two government bodies are yet to be tabled before parliament, as the issue is on “deskwork” stage.
Asked if the functions of the two government bodies will not overlap with those of the Department of Mines and Geological Survey, Phiri said that functions of each entity will not in any way interfere with the overall vision and mission of the parent ministry.
“The Mining Regulatory Authority will among other things be looking after regulation, rules and other related stipulations that will govern the general operations anywhere in Malawi, while the Mining Corporation will be mandated with the role of business,” Phiri said.
He said that the two establishments are expected to relieve the Ministry of Mining of the backlog of work that it is currently handling.
Meanwhile, the Ministry has announced that the formation of the two institutions will not be financed by the Reserve Bank of Malawi (RBM) through its subsidiary Export Development Fund as previously announced.
“The money will not come from the RBM, these are government sponsored establishments as such there is no need to have the RBM bridging financially,” he said.
The Board of Directors for the two government bodies are yet to be constituted. The formation of the MMIC and plans to form the Malawi Mining Regulatory Authority were initially announced by the former President of the Republic of Malawi, Arthur Peter Mutharika in June 2020.