Until now, the country has relied on agriculture particularly tobacco as its mainstay of the economy.
This could now change if the results of the recently completed Arial surveys prove that there are minerals that would generate new mineral wealth from diamonds, gold oil and heavy metals.
The ministry of natural resources energy and mines is to make the all important announcement at a special ceremony that has been scheduled for the Bingu Conference Center in Lilongwe on August 19.
In a related development the ministry has published notices in the local press in which it is inviting firms to provide consulting services to interpret the results of the high resolution airborne geophysical data which covered the whole Malawi.
The mining industry of Malawi, consisting of a number of minerals and gemstones, has been dominated by extraction of fuel minerals, particularly uranium which has contributed to 1% of production of this mineral in the world.
Since 2009, with new licenses granted to extract it from the Kayelekera mines in the northern region the country, its production has contributed to increase of the GDP from 1% to 10% as of 2013.
It is estimated that with increased emphasis on mineral extraction, the sector's contribution to GDP could be 20% by 2023
Malawi has enacted many enabling laws to govern the mining sector. Including the Mines and Minerals Act 1981 which enunciates rules of business for the sector, the Petroleum (Exploration and Production) Act 1983 and the Explosives Act 1968.
Implementation of the Mining Act rests with the Commissioner for Mines and Minerals under the Ministry of Energy and Mining.
A National Environmental Action Plan has also been proposed and it is mandatory for all mining projects to prepare an environmental impact assessment plan