Australia helps developing countries turn mineral resources into wealth
Foreign Minister Bob Carr today announced $4.9 million in aid funding for the Extractive Industries Technical Advisory Facility to help developing countries share the benefits from mining.
While visiting the International Mining for Development Centre in Perth today, Senator Carr said Africa’s exports of oil, gas and minerals are worth more than nine times the money it receives in foreign aid.
“This represents an opportunity for developing countries to use their mining wealth to drive their future prosperity,” Senator Carr said.
The Facility helps developing countries to understand, negotiate and analyse the complex financial, legal and environmental aspects of mining agreements.
Australia now joins Canada, Norway, Switzerland, the International Finance Corporation and the World Bank in supporting the Facility.
Senator Carr said the International Mining for Development Centre brings Australia’s world leading expertise in mining to resource rich developing countries through education.
“The Centre is an example of Australian know-how that delivers global benefits,” Senator Carr said.
The Centre is a partnership between AusAID, the University of Western Australia and the University of Queensland, launched by Prime Minister Gillard at the Commonwealth Heads of Government Meeting last year.
By 2015 the Centre will train 2000 people in the management of mineral resources.