Madagascar’s mining industry is facing a legal case that is likely to make headlines in the coming months.
The Madagascar Mining Industry Council (MIMC) is seeking an order to compel the mining companies to reveal details about their operations in the island nation.
The MIMC, an umbrella organisation representing the country’s mining companies, filed the legal action on Tuesday, accusing mining companies of not having sufficient information about their activities in Madagascar.
The action comes as the country is currently embroiled in a mining boom that is threatening to bankrupt mining companies.
The Mining Development Board of Madagascar, a joint venture between the countrys mining companies and the United Nations, has been working for the past two years to negotiate an agreement with the mining industry.
The mining companies argue that a requirement to provide the information they claim is necessary is unreasonable.
The dispute has also come at a time when Madagascar is already facing an economic crisis due to the collapse in its tourism industry.
Despite its status as a mining nation, the country still accounts for only 1.3% of the world’s gold and about 2% of its total gold reserves.
The countrys exports of gold and diamonds are worth about $40 billion a year, but its production of coal, oil and gas also generates income.
It is also the third-largest exporter of copper, with more than 2,000 tonnes per year.