
A rare mineral known as niobium and used in the steel industry to make high strength metal has been discovered in Malawi's central region district of Kasungu.
The country’s local daily of the Daily Times reported Friday that Global Uranium, an Australian company that is engaged in the exploration of minerals at its Kanyika project in Kasungu announced the discovery last week.
“Not only is the size more than double the initial exploration target, but it also remains open to the North,” said Mark Sumich managing Director of Globe Uranium.
Apart from Niobium, the company said other minerals had also been discovered citing Titanium, - used in electronics – Uranium and Zirconium which have been discovered at the cost of A$ 3 million.
“The multi commodity aspect of Kanyika is one of its outstanding feature and potential mine economics will be based almost entirely on the Niobium extraction,” said Sumich in a statement.
The company said Niobium market has shown an annual growth of 20 percent over the last five years.
Globe Uranium becomes the second Australian-based Uranium Company after Paladin which is mining Uranium at Kayelekera in the northern region district of Karonga to exploit in Malawi.
Economists have indicated that the Warm Heart of Africa, whose economy is agro based stands to benefit if it continues exploring minerals.
Meanwhile five Malawi’s local companies have made it on the list of top 50 companies in East Africa region surveyed by African Business magazine, but have failed to find a place in the top 200 firms in Africa.
Leading the southern African country’s pack is Illovo Sugar which is at position 12 with a market value of US$524 million and coming second is National Bank of Malawi(NBM) which is ranked at position 27 in the East Africa category.
Other companies are Press Corporation Limited(PCL), First Merchant Bank(FMB) and Stanbic Bank.
The top 50 list is dominated by Kenyan firms while those in the top 200 African companies are from South Africa and Nigeria.