Madagascar doubles revenue from natural resources

Figures for 2010 disclosed this week.

Madagascar published its 2010 EITI Report on 24 September, disclosing how much the government has received in taxes from the country's extractives sector. The report said that the government of Madagascar received 318 billion Ariary (almost USD $145m) from oil, gas and mining companies in 2010, double the amount reported the previous year.

At the launch of the report in Antananarivo, Madagascar’s Minister of Mines, Ms Rajo Daniella Randriafeno said "This report will support the strategic planning of the sector at many levels”.

The 2010 report sets out the revenues by payment type and company and the distribution of income to subnational governments.

It discloses payments from nine companies, up from three in the previous report. The government’s reported income from tax and royalties from its oil and mining sector increased from US$ 21 million in 2009 to US$ 45 million in 2010. In addition, the report also includes a payment of US$ 100 million made by the Chinese company Wisco for an iron ore exploration permit.

As the mining and hydrocarbon sector expands, it is expected that government revenues will increase substantially in the coming years, including further large permit payments.

Photo: from launch of Madagascar's 2010 EITI Report in Antanarivo.

 

Further information is available on the Madagascar country page and from EITI Regional Director Eddie Rich