Within the sidelines of the ongoing second Mining Forum in Yaounde, participants were yesterday treated to the different processes in the life-span of a mine. In a heavily-attended lecture at the Forum's Village in the Yaounde Hilton yesterday May 30, speakers comprising officials of the World Bank, Sundance Resources Limited and the Artisanat Gold Council, also drilled the participants on among other topics, including the life cycle of mining.
Good governance and transparency in the extractive industry, experts say, begins with the award of contracts and licences, regulation and monitoring of operations, collection of taxes and royalties, revenue allocation and management as well as the implementation of sustainable development policies and projects. They said given that revenue from extractive industries is volatile, exhaustible and originates largely from abroad, stakeholders must prepare an appropriate macro-economic policy response to mitigate any negative impact from exchange rate fluctuations and make saving decisions so as to facilitate public expenditure.
Given that one of the objectives of the ongoing forum is to sell Cameroon's mineral potentials in view of attracting investors into virgin mining fields, an overview of the country's mineral potentials was presented to participants. A summary of the exploration issues; notably the granting of 165 research permits, five mining permits and what the companies have achieved, was explained to the participants.
Artisanal gold mining, speakers noted, requires innovation, better funding and the political will to enable miners to derive the greatest benefits while minimising the environmental and social impact. This is already being done in Betare-Oya in the East Region through "Operation Gold" led by the Small-scale Mining Support Unit (CAPAM). According to one of the participants, Michel Obang from the Ministry of Mines in Gabon, the Yaounde forum is timely not only for Cameroon but also for other countries striving to give mining a pride of place in their socio-economic development.
The contribution of the mining sector to development, social conflicts and extractive industry, reconciling environment and the mining sector, among others, were also under discussion. Today, participants will duel on the mining sector and the mechanisms of sharing benefits, negotiating and managing mining licences. The three-day forum ends this Thursday May 31.
