African experts, officials to deliberate on challenges in mining, petroleum contract negotiations

The UK Foreign Office has confirmed the detention of two British nationals.
The UK Foreign Office has confirmed the detention of two British nationals.

African experts and representatives of petroleum producing states on the continent will meet in Ethiopia’s capital Addis Ababa for policy dialogue on the challenges faced by African states in mining and petroleum contract negotiations, according to the Economic Commission for Africa (ECA).

The UK Foreign Office has confirmed the detention of two British nationals.

To address the challenges related to benefits from natural resources, ECA will be hosting the two-day Policy Dialogue on 5 to 6 May in Addis Ababa, said a statement from ECA on Friday.
In collaboration with the African Minerals Development Centre (AMDC) and the African Institute for Economic Development and Planning (IDEP), the ECA and the African Union (AU) experts on Africa’s Mining Vision (AMV) and on contract law will meet with delegations from mining and petroleum producing African states, noted the statement.
The participants of the meeting are expected to establish, among other things, a network of African experts for negotiations of mining and petroleum contracts, according to the statement.
The paradox that resource rich countries have produced resource- poor populations can be mitigated through the creation of a continental “multidisciplinary” framework for the exchange of experience, said the statement.
The participants are also expected to leave the dialogue sessions with a better understanding on how to align the existing set of legal and regulatory instruments in Africa with the AMV.
Adopted by AU heads of states in 2009 and spearheaded by the AMDC since 2013, the AMV calls for a structural transformation of the mineral sector through enhanced linkages with the local economy, increased value addition, promotion of local content and empowerment, and a judicious and prudent use of mineral revenue to build up other forms of capital that can outlast the currency of mining.
The session will also provide a platform for advocacy for gender equity in the extractive industries for better performance and provision of livelihoods.
Delegates plan to leave the Policy Dialogue with tangible ideas in the form of practical guidelines on fundamental rules to be followed in contract negotiations by negotiators in the field of petroleum and mining.
The participants aim to develop “model contracts” that may be used by member states in the process of mining and petroleum contract negotiations. Enditem

Source: Xinhua


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