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Australia to invest US$40 billion in Africa

Australian foreign
affairs minister
Bob Carr
Canberra, Australia — 13 August 2012 – Australian foreign affairs minister Bob Carr is to meet at least 17 African mining ministers, as a prelude to Australian resources companies preparing to spend more than US$40 billion on investment in the continent.

Nine News Australia reports that Senator Carr will attend the Africa Down Under Conference in Perth, held between August 29 and 31.

“If they make money from good investments in Africa, and when I last saw figures there was US$40 billion of Australian investment proposed for African mines, then they’ll have more capital to invest in good projects back here,” Carr said.

Ministers from South Africa, Nigeria, Namibia, Niger, Zimbabwe, Madagascar, Liberia and Botswana will be among those attending this year’s conference.

Carr said Africa’s exports of oil, gas and minerals were worth more than nine times the money it received from foreign aid.

On Friday he announced US$4.9 million of aid funding for a technical advisory facility at the University of Western Australia’s International Mining for Development Centre. The facility aims to help developing countries to understand, negotiate and analyse complex financial, legal and environmental aspects of mining agreements.

“This represents an opportunity for developing countries to use their mining wealth to drive their future prosperity,” Carr explained.

The centre plans to train 2,000 people in the management of mineral resources by 2015.

Source: Nine News Australia. For more information, click here.