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The EITI believes this because of the significant portion of illegal exports of gold. Looking into the future, the Plan d'action Madagascar 2007-2012 predicts that the mining proportion of the GDP will increase to 30% as Madagascar shifts from a mainly artisanal and small-scale based mining industry to a large-scale public-private industry. [12]
The Molo mine is one of the largest graphite mines in Madagascar. [1] The mine is located in Atsimo-Andrefana, near the town of Fotadrevo. [1] The deposit was discovered in 2011, following explorations of the nearby Green Giant mine. [2] The mine has reserves amounting to 120 million tonnes of ore grading 8% graphite metal. [1]
Red Island Minerals Ltd (RIM) is a Perth Western Australia-based coal development company operating in Madagascar. The company is wholly owned by PTT Asia Pacific Mining Pty Ltd, [ 1 ] a subsidiary of PTT Public Company Limited , a state-owned Thai company.
Madagascar is an island country in the Indian Ocean, off the coast of Southeast Africa. Madagascar belongs to the group of least developed countries , according to the United Nations. [ 1 ] Ecotourism and agriculture, paired with greater investments in education, health, and private enterprise, are key elements of Madagascar's development strategy.
The rest of equity in the mine is held by the Korean State-owned Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR). [1] [5] Until 2020, when production was suspended due to the COVID-19 pandemic in Madagascar, the mine was producing 4,000 tonnes of refined cobalt and almost 40,000 tonnes of refined nickel every year.
The Bay of Toliara houses one of Madagascar's oil exploration sites. The sea floor is rich in minerals gemstones (about 200 km to the north lies the Ilakaka sapphire deposit has operated since 1999) and ground salt. More recently, Canadian companies begin operation of the ilmenite in the region of Tolanaro.
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