Over 1 billion USD invested

Qit Minerals Madagascar (QMM) has reported that its investments have surpassed 1 billion USD since 2005. A substantial portion of these funds has been allocated to infrastructure development for the benefit of the local population.

According to company data, 400 million USD has been spent on developing shared infrastructure through public-private partnerships. Additionally, more than 700 million USD has been invested in local procurement across 200 companies. The company has placed a strong emphasis on corporate social responsibility (CSR) activities, in line with the establishment agreement between the Malagasy government and QMM.

Investment was also a key topic in a recent meeting between stakeholders last month. As part of the agreement’s essential commitments, QMM is required to increase its annual contribution to its CSR program. Consequently, the company is now dedicating 4 million USD per year to priority CSR projects. This fund is intended to finance development initiatives that will be determined by a special committee to be established.

This initiative aims to improve the quality of life for the local community and affected populations, who are the primary beneficiaries. Additionally, the company is constructing the country’s first wind farm, which will provide over 16 megawatts of additional power to residents of Tolagnaro. Alongside Ambatovy, QMM is one of the country’s leading mining projects, playing a crucial role in the Grande Île’s exports.