GOOD MINING FIRM SAYS IT IS NOT ONLY ABOUT PROFITS BUT THE PEOPLE ALSO

Randgold Resources Chief Executive Officer Mark Bristow has tipped African governments to seek an equitable share in mining projects.

Mr. Bristow says the equitable rate should be around a 50:50 basis of mining revenues after the recouping of the capital cost of building the mine.

Randgold is a mining giant operating five gold mines in three African countries – Mali, Côte d’Ivoire (Ivory Coast) and the Democratic Republic of Congo.

Mr. Bristow says a successful mining industry needs a committed partnership that recognizes the realities of mining. 

Mr. Bristow says a country’s mineral resources are the property of the people, with the government acting as their stewards.

He was speaking at a two-day mining Indaba held in Johannesburg last week.

He says most African countries were endowed with great mineral resources, but that this was no guarantee of wealth creation that benefits all.

He cited the Democratic Republic of Congo and Venezuela as examples of resource-rich countries the former in minerals, the latter in oil – where people were poor and had not benefited from the resource wealth.

This is according to article published on the Mining for Zambia website today.