PERTH (miningweekly.com) – Federal Resources Minister Gary Gray this week released an assessment of how Australia could assist other countries to sustainably develop their mineral and energy resources.

A report by Geoscience Australia details the known mineral and energy resources of 138 developing countries, along with insights into other factors that could influence investment, such as political, operational, security and terrorism risks.

Gray said several of Australia's development partners were endowed with substantial mineral and energy resources that could propel them on a path to inclusive and sustainable development.

Speaking from the global conference of the Extractive Industries Transparency Initiative (EITI) and bilateral meetings with Ministers from Iraq, Mozambique, East Timor and Mongolia, Gray noted that supporting the progression of this sector in developing nations assists poverty reduction and accelerates economic development by increasing government and community revenues, and that this revenue can generate jobs and improve infrastructure.

“Poor management of resources can initiate a wave of economic stagnation, corruption and conflict – resulting in what is known as the 'resource curse'. Australian development assistance can assist developing countries grasp the opportunities afforded to them through mining.”

Gray noted that Australia was a world leader in using environmentally responsible mining practices, and one of the world's largest exporters of minerals and energy commodities.

“We are, therefore, well placed to share our skills and knowledge to help developing countries use their resource endowment to stimulate inclusive and sustainable growth, leading to a reduction in aid dependence.

“When developing nations have improved understanding of their often substantial mineral and energy resource potential, better skilled [their] workforces and [begun to apply] stronger governance practices, the likelihood of attracting mining exploration and investment is vastly improved.”

The EITI is a 10-year-old effort by about 100 countries to promote financial transparency in the resources sector.