The Minority Shareholders Association of Listed Companies (Misalico) has intensified its drive to secure substantial shareholding for Malawians in the Kasiya Rutile and Graphite Mining Project operated by Sovereign Metals Limited.
In a press statement, Misalico Secretary General Frank Harawa says the organisation is lobbying for significant local ownership in all large-scale mining ventures to ensure Malawians benefit from the country’s mineral resources.
“We are engaging various stakeholders including the Ministry of Mining to give chance to as many Malawians as possible to have part ownership in large-scale mining companies through listing on the Malawi Stock Exchange (MSE),” Harawa said.
The organisation revealed it has approached the Reserve Bank of Malawi and MSE to establish a United States Dollar-denominated Mining Stock Exchange as a subsidiary focusing exclusively on large-scale mining companies.
According to the statement, Misalico has also engaged Unicef to explore the possibility of allocating $100 worth of redeemable shares to each Malawian child in mining companies as a strategy to reduce child poverty.
Misalico further says it is in discussions with the Secretary to Treasury regarding government’s disposal of some shares acquired through Section 260(2) of the Mines and Minerals Act 2023.
Former Minister of Mining Monica Chang’anamuno confirmed the ministry’s commitment to local ownership during a Civil Service Capital Market Financial Literacy Programme held on October 9 at Sunbird Capital Hotel in Lilongwe.
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