Accra, 8 October 2015 – In her keynote speech during a session at the 1st ECOWAS Mining and Petroleum Forum and Exhibition (ECOMOF), H.E. Fatima Haram Acyl, Commissioner for Trade and Industry of the African Union Commission, called for an Africa Mining Vision (AMV) compact with the private sector, reflecting robust collaborative partnerships and continuous dialogue to propel the shared benefits of the AMV.
“To ensure successful implementation of the AMV, an explicit agreement between African Union (AU) member States and private sector leaders in the extractive industries is necessary. This agreement which we are proposing, is to be in the form of an AMV Compact between AU member States and private sector leaders in Africa, fashioned along the same lines of the UN Global Compact. The AMV Compact would draw a set of standards that would serve as a benchmark for companies and governments to assess performance, resulting in robust policies that cover a range of principles.”
The AMV emphasizes the transformative role played by the mining sector in the development milestones of African countries. AMV implementation also benefits the private sector; strengthening the companies’ social license to operate. The compact targets mining companies including oil and gas, Chambers of Mines and other mining associations, and it is based on principles that can be aligned with corporate core values, policies, strategic plans and mission statements of companies in the extractive sector.
For the industry, shared benefits in implementing the AMV include:
- Cost reduction
- Partnerships
- Business opportunities
- Transparency and social license to operate
- Corporate image – environment and social responsibilities
An AMV Compact provides a platform of cooperation for mutual benefits. The private sector leaders, Chambers of Mines and Mining Associations will benefit from multi-stakeholder engagements in domesticating the AMV. And once in place, it will demonstrate buy-in from private sector leaders that validates the essence of the vision, which will serve as a platform for its successful implementation.
Issued by:
African Minerals Development Centre | Special Initiatives Division
United Nations Economic Commission for Africa
P.O. Box 3001 Addis Ababa, Ethiopia
Email: dleoncio@uneca.org
Phone: 251 11 544 3094