10/19/07 8:46 AM
Paris
UNCTAD deplores the mining contracts in Africa
Paris, 10/19 - An official of the United Nations Conference on Trade and Development (UNCTAD), Mrs Anne Miroux, on Wednesday strongly criticised mining contracts between African states and transnational companies, saying they do not take into account the interests of the people.
"These contracts are never made public. I am not sure they take into account the interests of African peoples," Mrs Miroux, head of the UNCTAD service for analysis of investment issues, told a news conference in Paris.
She noted that in some African countries, including Equatorial Guinea, 90% of the capital of mining production companies belonged to transnational companies.
"The share of foreign companies in most African raw material producing countries is somewhere between 25% and 90%. In such a context everything can happen," Mrs Miroux said.
"In order to see clearer in this sector, we asked two experts to research into mining contracts in Africa and collate all the figures in this sector.They never succeeded in doing so," she added.
Mrs Miroux said it was important that the action of civil society, through initiatives such as Publish What You Pay (PCQVP), be encouraged so that the exploitation of mines primarily benefited African economies.
"PCQVP is a good initiative that needs to be encouraged. Mining contracts between African states and transnational companies should not escape transparency. We must all work towards the attaintanment of that goal.".
In a report entitled "Transnational Companies, Extractive Industries and Development", UNCTAD exhorts developing countries to take advantage of the rise in the prices of raw materials and to make relevant economic choices.
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