DGAP-News: Pearl Gold AG: 'Equal sharing of resource revenues is essential for political stability in Africa'
(firmenpresse) - DGAP-News: Pearl Gold AG / Key word(s): Miscellaneous
Pearl Gold AG: 'Equal sharing of resource revenues is essential for
political stability in Africa'
29.05.2012 / 14:10
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'Equal sharing of resource revenues is essential for political stability in
Africa'
Aliou Boubacar Diallo, Supervisory Board member of Pearl Gold AG and
Chairman Wassoul'Or S.A., speaks at Africa Business week in Frankfurt
Frankfurt, 29 May 2012 - At the occasion of the Africa Business Week, Aliou
Boubacar Diallo, member of the Supervisory Board of Pearl Gold AG, last
Thursday held a keynote speech at the Resources and Mining Conference in
Frankfurt. In his speech 'How to conciliate the interests of resource rich
countries and foreign investors' he highlighted four essential points to
take account of the different interests: a clear and fair legal framework,
investment security given by mining and oil codes, the involvement of
African nationals and, most importantly, political stability.
These key points form the basis for the development of African countries
through collaboration with foreign investors. They furthermore are
essential for sustainable peace. Diallo's approach to a solution is to
fairly distribute the profits gained in the mining sector. 'An equal
sharing of revenues from the mining and oil industry between the different
regions of each African country, as an alternative to the state keeping a
fundamental stake, is necessary for political stability and a peaceful
environment', declared Diallo. He added that the dividends for the
different regions should be invested in education, health and
infrastructure. In this context Diallo mentioned the importance of the
Extractive Industries Transparency Initiative (EITI) with its Chairman Dr.
Peter Eigen that has been established in 2003 in order to prevent
corruption in developing countries. Mali is one of 12 countries that have
the status as EITI Compliant countries. EITI has implemented reporting
guidelines that mining companies disclose their yearly payments to the
government. The state in turn increases transparency to the public with a
statement of these payment flows and its use.
Diallo is the founder and owner of the Malian mining company Wassoul'Or
S.A., in which Pearl Gold holds a 25 percent stake, and that has made
significant contributions to the membership of Mali in the EITI. He
encourages the involvement of national mining companies in the exploitation
of mineral resources wherefore Wassoul'Or is an example. The investment of
Pearl Gold, which is listed on the Frankfurt Stock Exchange, enables them
to develop their business activities.
The Africa Business Week is a conference week in Frankfurt which is
dedicated to the collaboration of African and European economy. It provides
a platform for business development with the African continent.
Pearl Gold AG
Pearl Gold AG is a holding company listed on the Open Market of the
Frankfurt Stock Exchange, based in Frankfurt. The company focuses on
investments in West African exploration and mining corporations, especially
in the field of gold and other precious metals. The first investment of
Pearl Gold is the Malian mining company Wassoul'Or, in which Pearl Gold
holds 25% of shares. Wassoul'Or concentrates on the exploration and
production of gold and runs the Kodieran gold mine in the South of Mali.
For further information visit http://www.pearlgoldag.com
For Inquiries:
MSL Financial
Steffi Fahjen
Email: steffi.fahjen(at)mslgroup.com
Tel: +49 (0) 69 6612456 8394
End of Corporate News
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171846 29.05.2012
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