By Draxon Maloya
The Malawi government has taken drastic measures by revoking all mining licenses with immediate effect, following revelations that precious stones like gemstones are being exported at significantly low prices.
This decision comes after a meeting between Vice President Dr. Michael Usi and various stakeholders, including Ministers of Finance, Trade, and Industry, as well as representatives from the Malawi Revenue Authority (MRA) and the Reserve Bank of Malawi (RBM).
Minister of Mining Ken Zikhale Ng’oma expressed the Vice President’s displeasure with the alleged collusion between foreign nationals, including Germans and Chinese, and locals to source precious stones at low prices.
Ng’oma cited a striking example where 5,700 kilograms of gemstones were valued at a mere 2 million Kwacha.
The Minister found it peculiar that a transaction involving 20,000 kilograms of various precious stones generated only 15 million Kwacha in revenue for the government, despite learning on a recent trip to South Africa that Malawi’s precious stones are highly valued.
“In addition to revoking existing issuance of new licenses has been suspended for the next 21 days to facilitate a thorough audit and investigation into the awarding of mining contracts, aimed to ensure transparency and fairness in the mining sector, preventing further exploitation of Malawi’s natural resources,” said Ng’oma.
Meanwhile, several companies have expressed surprise and uncertainty about the revocation of the licenses, requesting additional time to verify the authenticity of the circular and seeking further clarification from the Ministry of Mining.
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