Mining companies make profit of $110b in Africa in 2010 – Karingi

The top 40 mining companies operating in Africa reportedly made net profits of about $110 billion in 2010 alone. And these companies have a net asset base which exceeds $1trillion.

Dr. Stephen Karingi, the Director, Regional Integration, Infrastructure at the ECA said these when he lamented Africa’s poverty despite the continent’s rich natural resources.

Dr. Karingi was speaking at the second conference of African Ministers responsible for mineral resources and development in the Ethiopian capital Addis Ababa.

Some of the minerals mined out of Africa include gold, diamond, silver, iron, uranium, bauxite, manganese and copper, but Africa’s share of the revenues according to Dr. Karingi, ” have been miniscule compared to what the mining companies have realised.”

By Emmanuel K. Dogbevi, in Addis Ababa, Ethiopia

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