Mining resources benefit the country little
Going beyond Mozambique, Madagascar is now the leading African producer of natural graphite. In 2024, the Big Island produced 85,000 tonnes of this ore and 80,000 tonnes in 2025, against 39,000 tonnes and 60,000 tonnes for Mozambique, selon l’United States Geological Survey. Graphite from the Molo site, operated by the Canadian group NextSource Materials since 2023 in southern Madagascar, will notably supply an anode factory for batteries which will be built by the same group in Abu Dhabi. The specialized African media Agence Ecofin recently highlighted “the still limited place of Madagascar in the other links of the value chain of critical minerals, of which the country is nevertheless a major supplier on a global scale”.
Sumimoto leaves the Big Island
The Tamatave nickel and cobalt refinery, which processes the ore extracted from the Ambatovy site 200 km away, is among the rare examples of local valorization of Malagasy subsoil resources. The activity nevertheless encounters difficulties, particularly since last February and the destructive passage of cyclone Gezani in the region. The 1st from, the Japanese conglomerate Sumimoto announced its withdrawal from the project which it had helped to launch and of which it was the majority shareholder (54 %), alongside Korean Komir. To disengage, Sumimoto even agreed to pay the equivalent of 360 million euros to the buyer, a consortium of investors officially based in Jersey. A decision immediately interpreted as a loss of confidence in the Malagasy state and its ability to make the mining sector prosper.
Embezzlement : a damning report
According to a report from the Malagasy Court of Auditors published in March, the equivalent of more than 800 million euros would have been embezzled by the regime in power in Madagascar between 2020 and 2025. It is a real cut-off of the State by former President Andry Rajoelina and his entourage, including the powerful businessman Mamy Ravatomanga, what the report describes : hidden account funded by unused ministerial budgets, disappearance of hundreds of vehicles purchased by ministries, violation of the rules of public procurement… The State General Inspectorate was contacted by “the president of the Refoundation”, putschist officer Michaël Randrianirina, to investigate these accusations. We expect its conclusions soon.
The electoral calendar announced for 2027
Constitutional referendum in June 2027, presidential election the following October : this is the electoral calendar announced at the beginning of May by the Independent National Electoral Commission (Appreciate) Malagasy. The transition period opened in October 2025 by the putsch which overthrew President Rajoalina should then end in the constitutional order desired by the international community.. Mi-avril, the president of the CENI went to Moscow and accepted Russia's offer of help for the organization of the 2027 elections.
New quay at the port of Tamatave
Last March 21, a 333 meter portion of the Tamatave port quay was inaugurated. It will be able to accommodate large boats (up to 16 m draft). The extension project, advanced to 70%, is funded by the Japanese International Cooperation Agency. Future work will consist of increasing the depth in front of the three existing platforms, and to extend the fourth up to 470 meters.
