Malawi Launches $20 Million Exploration Project for Rare Earth Metals

Malawi has kick-started a $20 million project in exploration of gas and rare earth metals in its two southern districts of Nsanje and Chikwawa.Vice President Khumbo Kachali who inaugurated the project on Wednesday, said the project will boost the country’s economy since more foreign exchange and other revenues will be collected.

“The country’s economy will definitely improve since Malawi will be exporting gases and minerals as soon as this project takes shape,” he said.

With the gas and rare earth metals mining, he said, the country’s Gross Domestic Product (GDP) will increase from 10 to 20 percent by 2015.

The government has licensed an Australian Nuenergy company to explore gas and rare earth metals in the two districts.