The World Economic Forum of Geneva and The Boston Consulting Group have published a report that outlines the six building blocks needed to help lift some of the world's least developed countries out of poverty by harnessing their mineral wealth.
A Framework for Advancing Responsible Mineral Development draws on the expertise of 400 experts from NGOs, governments and mining companies to provide practical advice aimed at enabling developing countries to develop their mineral resources in a socially and economically sustainable manner.
The building blocks identified are: training programs and sharing knowledge; making sure people are informed about the benefits and costs of mineral development; a collaborative process for stakeholder involvement throughout mining projects; transparency; commonly agreed compliance and monitoring combined with the enforcement of commitments; and effective mechanisms to resolve disputes.
Underlying the proposals is an analysis of leading mining countries, which shows that some combine huge untouched mineral resources with lower levels of development. These countries, such as Guinea, Mongolia, Peru and South Africa, could transform their socioeconomic prospects by using the six building blocks to tap their resources.
Practical recommendations, in keeping with the six building blocks, include encouraging companies and governments to publish mining-related tax and royalty payments, creating local development councils and the establishment of capacity development programmes.
The report may be downloaded from WEForum.org/reports/framework-advancing-responsible-mineral-development.
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