The World Bank has supported 41 mining sector reform (technical assistance) projects in 24 countries since 1988. The reforms have contributed to an increase in investment in the mining sector and related economic indicators such as exports, fiscal revenues and gross domestic product (GDP) in recipient countries. The World Bank’s mining sector promotes policies and programs that strengthen governance and environmental performance and stimulate linkages to the rest of the economy to ensure that the benefits are widespread and sustained.
Many countries view the mining sector as a key engine of economic development. Ample evidence exists that countries that adopt modern mining legislation and offer an enabling environment can attract private sector investment in mining exploration and production. This, in turn, contributes to increased tax revenues, export earnings, employment opportunities, infrastructure development especially in rural areas, and transfer of technology to the host countries. However, while the extraction of mineral resources provides developing countries with considerable opportunities for economic development, there is the risk that mining operations can turn into socio-economic enclaves or cause environmental damage. Attention to social and environmental considerations and government commitment to good governance and transparency is important. Countries, communities, and companies face tough questions about opportunities and risks as they develop steps to ensure responsible approaches toward mineral resource development.
See full Press Release: http://www.worldbank.org/en/results/2013/04/14/mining-results-profile
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