French President Emmanuel Macron Hopes to Improve International Mining Market
The international mining industry has been quite active for decades. Although technology has drastically changed and virtually banished dozens of industries, the mining market has taken a significant hit but still remains.
In France, the mining industry has suffered more than other developed nations, but people are optimistic that French President Emmanuel Macron will help resurrect the failing industry.
According to Mining-Technology, when Macron was France’s Minister of Economy, he signed off on a number of mineral exploration projects in order to help the industry survive. Macron was also quoted as saying he plans on overhauling the current mining code in France.
“There is a wealth under French territory, especially gold, in metropolitan France and overseas,” said Macron. “Given the economic stakes we have, we would make a profound mistake by not exploiting it. We must, therefore, lift the taboo which suggests that we could no longer exploit the subsoil of our country. Our imagination remains marked by the mine of the 19th century. In fact, we have the capacity to operate in a sustainable, and environmentally and socially responsible, manner.”
Macron’s idea would focus on specialty metals in France to “re-engage France in the global battles for natural resources.”
One of the main specialty metals that Macron and France mining companies will focus on: tungsten.
In the U.S., of all the tungsten that was available for scrap, roughly 66% of it was exported for recycling purposes or exported to other nations.
Since 2014, Australian operator Variscan has been granted exclusive permits to prospect for tungsten in the department of Ariege in France. Macron hopes to open up those exclusivities and have French organizations prospect for similar metals.
According to Tolo News, France isn’t the only nation struggling with its mining industry.
“Our mines are faced with many problems,” said Afghanistan Finance Minister Eklil Hakimi. “Mining industry’s incomes are being embezzled by powerful individuals. These incomes are national incomes and must be saved from embezzlement.”
Hakimi is worried that embezzlement will lead to further issues for the Afghan mining market and could have an impact on the international market as well. Hakimi’s remarks were made at the same time as Afghanistan Extractive Industries Transparency Initiative (AEITI) said Afghanistan must have $3.5 billion annual revenue from the mining industry.