By: Yusuf M Hasan
CAPE TOWN (Somalilandsun) – Somaliland which has immense deposits of minerals is secure for foreign investments and should not be mistaken with its Southern neighbour Somalia.
This was informed by the Somaliland minister of Energy and Minerals Eng Hussein Abdi Duale during his address on the 5th Feb at the Mining Indaba 2014 held in Cape Town South Africa where hundreds of governments and leading mining magnets were participants
“Investment in mining in our country is highly encouraged; we are basically green fields because we do not have at the moment any large scale mining activities and that any company which is willing to invest in Somaliland gets advantage to be a first mover and that of a underground foe, our terms are very competitive, we are also working on a new mining code that will include all good terms in it and we are also going to re –avoid that have marred mining companies in Africa”
Eng Duale who briefed on the numerous and abundance of proven deposits of minerals said that despite the non recognition of Somaliland as a sovereign nation by the international community the country wants to emulate its success with oil investments within the mining sector.
“Due to the prevalent favourable environment for investment we have managed to attract international conglomerates to invest in oil and gas exploration and am here today (5th Feb) urging mining companies to explore currently virgin sector thence maximum returns.
Elaborating on the geology and minerals of Somaliland which he termed as having world potential discoveries due to its similarity with the Mozambique basin, Eng Duale said metallic minerals and non-metallic are in abundance and only await investors with both financial and budgetary might
The Energy minister who brushed shoulders with the who is who within global mining circles and formed, for the first time ever, part of the African Mining Ministerial Forum in 2014 investing in Africa meet from 3rd to 6th of February, was invited to the conference by Hon. Susan Shabangu during the Downunder meeting on the same issue in Perth Australia.