Posted May 08, 2018 06:13:33Malaysia is not the gold mine of its citizens, and the country is no gold mine.

The mining boom has left the country vulnerable to an economic collapse and a global downturn.

In a country that relies on imports for nearly 70 per cent of its gross domestic product, the gold mines have been left in the dust, and many Malaysians have become disenchanted with the government.

The Mining Ministry is working on a comprehensive economic policy to tackle the gold mining boom.

The ministry will hold a public meeting on Thursday to discuss the matter, with the aim of creating a roadmap to ensure the country remains resilient to future shocks.

The ministry has put out a call for suggestions and feedback on a strategy to safeguard Malaysia’s gold mines and its people, including in the mining sector.

Malaysian Minister of National Economy Datuk Seri Azizah Yusof said a mining strategy for Malaysia would be developed in consultation with the private sector, the public sector and stakeholders, including industry and NGOs.

He said the government would work with the public, private sector and the private mining industry to create a strategy that would safeguard the nation’s precious resources.

Malaysians have been hit by the gold boom since the early 1990s, when the government launched the Gold Mining Development Program.

The programme provided government funds for private companies to start mining gold, which at the time was considered a low-risk, low-payoff business.

Malay gold mines accounted for 40 per cent to 50 per cent per cent in revenue in 2020.

Since then, mining has become a significant industry, as well as a lucrative source of income for Malaysians.

The number of gold mines in Malaysia has grown from around 5,000 to around 20,000 by the early 2020s.

According to industry data from the National Gold Association, the number of privately owned gold mines fell from 5,800 in 2009 to 3,500 in 2020, and by 2020, the industry accounted for less than 1 per cent.

The government hopes the plan will help diversify the mining industry, boost employment and create more jobs for Malays.

The National Gold Industry Association of Malaysia (NGIA), which represents Malaysians in the gold industry, said the plan would help diversification of the mining and the industry.NGIA chairman Datuk Tan Sri Abdul Hadi Mohamad told the Post last month that the government had to work hard to keep the economy healthy.

The new mining plan aims to diversify gold mining, to ensure its sustainability and its development.

The government has also launched the new national gold standard and a gold fund for mining projects.

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