Raw Materials Working Group News - April 2014

  1. Illicit capital flows are the elephant in the EU-Africa economic

The EU-Africa economic relationship wants to promote sustainable growth, but as long as the EU and financial institutions allow transfers of illicit funds from Africa, this goal will not be met.In 2011 alone, it’s estimated that €43.7 billion left Africaby way of illicit financial flows; this money should rather have been invested in infrastructure, education and healthcare while African countries received a combined €34.3 billion in developmental aid the same year. Money often floats through a labyrinth of different companies, in different jurisdictions, leaving a confusing and incomplete paper trail.   

 

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2.      New Generation of Mining Codes

 

The growth of the mining sector in Africa as well as increased investment in some regions, such as Guinea, Democratic Republic of Congo, Ivory Coast or Burkina Faso and Zambia, has posed new challenges in the mining industry. The mining sector represents a growing share of exports and taxable revenue in many African countries and a potential to fund the necessary development of infrastructure and social development projects and the reduction of poverty. However, the regulatory frameworks have resulted in maximising profits for private foreign companies and local elites rather than as a means of providing benefits to affected communities.

 

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3.       The Congolese call for Legislation on Conflict Minerals  

 

The exploitation of conflict minerals in DRC has caused millions of deaths over the past two decades. For this reason, civil society demands for standards of control over the exploitation of these minerals, as well as penalties for each offense. The EU-Africa summit in Brussels was an opportunity for fifty Congolese, demanding the establishment of legislation on conflict minerals, with the aim to challenge consumers about the presence of these in many common electronic products.     

 

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