BEYOND EXTRACTION: THE SIGNIFICANCE OF REVENUE SHARING FOR THE SUSTAINABLE DEVELOPMENT OF MINING COMMUNITIES

Abstract

The sustainable development of communities located in mineral rich regions is frequently hindered by the extractive nature of mining activities. In order to promote sustainable development that goes beyond the extraction stage, this article aims to examine the role that revenue sharing plays in promoting the sustainable development of mining communities. The paper emphasizes how revenue sharing gives communities’ consistent sources of income, thereby promoting economic empowerment among others. The article found that revenue derived from mining activities can greatly improve the general standard of living and quality of life of host communities. Long-term sustainability can be achieved by providing funding for local businesses, education, healthcare and infrastructure development. The paper concludes by highlighting the possibilities for change of revenue sharing mechanisms in transforming mining communities from extraction sites to centres of sustainable development. It promotes the implementation of transparent and equitable revenue sharing arrangements in order to reap the full benefits of the wealth of minerals for the prosperity and welfare of every stakeholder concerned, particularly host communities.