The Association of Southeast Asian Nations (ASEAN) will put up a mineral trust fund to finance the region’s recently agreed upon measures to ensure the development and utilization of the member-nations’ mineral resources.
Following the successful conclusion of the 9th ASEAN Senior Officials Meeting on Minerals (ASOMM) and the 2nd ASEAN Ministerial Meeting on Minerals at the Sofitel Philippine Plaza Hotel last week, the ASEAN members agreed to put up a mineral trust fund to support programs, projects and activities included under the ASEAN Economic Community (AEC) Minerals Cooperation.
However, according to Horace Ramos, director of the Philippines’ mines and Geosciences Bureau (MGB), no specific amount has been agreed upon so far. Instead the delegates would still have to go back to consult with their respective governments on the amount of fund contribution.
Further talks on the proposed ASEAN Mineral Trust Fund will be held in the next ASOMM, Ramos said.
The ASEAN Mineral Trust Fund would support activities such as trainings and seminars. This early, the three top major trading partners of ASEAN – specifically China, Japan and Korea – have agreed to finance all of the 14 training seminars scheduled by the ASEAN minerals sector, Ramos added.
Under the Manila Declaration approved during the 2nd AMMin, it was also agreed upon to strengthen the development of institutional and human capacity building in the geological and minerals sector to ensure and adequately address the current needs and future demands of the ASEAN minerals industry.
The group also decided to encourage cooperation to develop policy guidelines and standards for ASEAN best mining practices to promote environmentally and socially sustainable mineral development in the region.