October 11, 2021 | 13:39 GMT+7

Changes on way in mineral development and management

Tra My - Nhĩ Anh -

ASEAN Ministerial Meeting on Minerals looks to turn industry challenges into opportunities.

Photo from the Ministry of Construction
Photo from the Ministry of Construction

At the eighth ASEAN Ministerial Meeting on Minerals (AMMin 8) on October 8, ASEAN ministers agreed on raising awareness to create fundamental changes in thinking and action to transform serious challenges into new development opportunities.

Ministers reviewed the ASEAN Minerals Cooperation Action Plan 2016-2025 (AMCAP-III) in the second phase (2021-2025), which will mainly focus on building and investing in all stages of the mineral value chain, in which exploration is the initial step.

The development of AMCAP-III will contribute to the creation of an advanced and progressive ASEAN mineral industry for socio-economic and environmental prosperity through increased trade and investment, enhanced cooperation, and improved capacity, thus ensuring sustainable mineral development in the region.

According to Mr. Suy Sem, Minister of Mines and Energy in Cambodia, the second phase of AMCAP III will mainly focus on building investment in all stages of the mineral value chain and on creating opportunities within the chain. Building geological and policy potential will be key to this approach.

Minister of Natural Resources and Environment Tran Hong Ha said that it is time for humanity to fully assess and recognize the impact of unsustainable mineral exploitation and take action to overcome the deficiencies in the previous development model. This is an opportunity for the mineral industry to transform its development path, focusing on mining and processing technology, adding value, and being environmentally friendly, in line with global trends such as the circular economy, lower carbon emissions, and reduced use of fossil fuels.

“Vietnam is willing to cooperate with countries in the ASEAN community and partners to share general and scientific knowledge on minerals and new technologies, in order to identify new strategies, and will consider building a common ASEAN database on the basis of digital transformation, creating lasting values,” Mr. Ha said.