Malawi continues to make new discoveries of gold deposits through artisanal mining activities in the country. High level radiometric and magnetic data shows that the country has vast amounts of precious minerals particularly gold. The Malawi Government, through a subsidiary of the Reserve Bank of Malawi called Export Development Fund has been purchasing gold from small scale miners for over two years now. Apart from that, there has been an influx of illegal buyers from surrounding countries who are buying gold from artisanal miners and smuggling it out of the country thus denying the country access to foreign exchange from the proceeds of its natural resources. Having identified the problem, Icon Development Consultants has engaged the Malawi Government on the possibility of developing, constructing and operating a gold refinery in Malawi. The model being envisaged is a Public-Private Partnership where the Malawi Government would participate through a public company called the Malawi Mining Investment Corporation. The idea is that once a financing and technical partner is identified, a Memorandum of Understanding will be entered into by the Malawi Government and Icon Development Consultants Ltd for the development, construction and operation of a gold refinery in Malawi. Once this MoU is signed, a definitive feasibility study will be undertaken to determine if the project makes economic sense. The feasibility study will involve carrying out gold exploration work to determine if the country's gold reserves warrant the construction of a gold refinery. If the study results show that the project is feasible, a Special Purpose Vehicle will be set up in which all interested investors, including Malawi Mining Investment Corporation, will have a stake through a joint development and investment agreement that will be negotiated and signed. The Special Purpose Vehicle will then implement the project and in the end operate the gold Refinery. Apart from gold mined in Malawi, there is a possibility that other miners from Zambia, Mozambique and Tanzania will find it cost effective to refine their gold in Malawi due to its proximity. Furthermore, it is the intention of Icon Development Consultants Limited to follow through on its exploration activities and operate an industrial scale gold mine in Malawi through another special purpose vehicle. This would ensure that the refinery as enough ore to process into gold bullion.Read Less