180214 Rock Drill miners at Goldfields South Deep mine,it is the deepest mine in South Africa 3km deep.Photo Simphiwe Mbokazi

Cape Town - The African Union Commission and the African Minerals Development Centre (AMDC) on Monday announced the launch of a key compact between state and private sector leaders around the implementation of the Africa Mining Vision (AMV).

The compact outlines commitments from mining companies and host states to support the realisation of the AMV, the continent's own response to tackling the paradox of great mineral wealth existing side by side with pervasive poverty, which was formally adopted by African heads of state in 2009.

The AMV outlines a roadmap to transparent, equitable and optimal exploitation of mineral resources to underpin broad-based sustainable growth and socio-economic development in Africa.

The compact with private sector will be launched officially on Tuesday at the annual Investing in African Mining Indaba, which opened in Cape Town on Monday.

A statement from the AMDC said the compact was based on “principles around good governance, building human and institutional capacity, fostering a transparent and accountable minerals sector and developing a diversified and globally competitive African mineral industry”.

Director for special initiatives at the UN Economic Commission for Africa Fatima Denton said the transformation intended by the Africa Mining Vision “required the involvement of all players in the sector”.

Denton added: “We believe [the compact] is an important - and exciting - step towards even greater collaboration and co-ordination between African governments and private industry in achieving development.”