Developing countries hold a significant proportion of known resources of non-energy raw material. For instance, Africa holds 30% of the world's bauxite resources, 60% of manganese, 75% of phosphate, 88% of platinum, 80% of chromium, 60% of cobalt, 30% of titanium, 73% of diamond and 40% of gold. For many African countries, raw materials are important export products and represent a significant part of state revenues. Reliance on mineral exports as part of the total exports vary from 40 to 90% in countries like Democratic Republic of Congo, Papua New Guinea, Mozambique, Jamaica, Zambia or Suriname. Raw materials are thus potentially a valuable asset for sustaining growth, reducing poverty and improving on Millennium Development Goals in many of the poorest countries of the world.
TURNING AFRICA'S MINERAL WEALTH INTO DEVELOPMENT
