It has also unleashed a new scramble for oil, minerals and cropland that is accelerating deforestation and fuelling a new wave of land conflicts from Colombia to Chile.
China, the main buyer of Africa's oil and minerals, has taken a prominent role in financing infrastructure projects, leading some to question the AfDB's place in Africa's funding ecosystem.
With a dozen countries expected to experience growth above 7% this year – only five of which are heavily dependent on oil, gas or minerals – and a further 27 in line for growth above 5%, Africa's strong economic outlook is a source of optimism.
As the government has outlined, the carbon tax repeal bills are first cab off the rank followed by the minerals resources rent tax (mining tax) repeal bills.
If all goes as planned, the new conflict minerals law will gather visibility at the EU-Africa summit next month, gain legislative assent in September, and begin operating in 2015.
The impetus for conflict minerals legislation stems from resource-fuelled conflicts in eastern parts of the Democratic Republic of the Congo (DRC) between 1994 and 2003, which reached near-genocidal proportions, claiming as many as 5 million lives.
In the US, a comparable piece of legislation passed in 2010, the Dodd-Frank Act, obliges corporate disclosure by stock exchange-listed firms of minerals sourced from the DRC, using OECD due diligence guidelines.
In addition, Labor must defend its economic credentials by continuing to argue that a profits-based tax on minerals is the right policy at this point of our nation's economic development, and that the national broadband network is vital for the future.
The tourism and minerals magnate has warned he will challenge the result in court if he loses.
"It does not create a serious demand for conflict-free minerals in the EU, nor does it put in place a progressive development scheme for sustainable mining in conflict areas.
Essentially our exports drastically decreased and our imports drastically increased: The big fall in exports came mostly due to a 13% drop in iron ore (and other minerals) and a whopping 22% fall in coal exports: The fall in coal exports can be explained mostly by the closure of coal ports and freight lines due to flooding in New South Wales.
