Mozambique is rich in minerals and has a favorable geological environment for the development of mining activities. However, by 2001, the impact of mining on the economy was hardly noticeable, representing less than 1% of GDP and less than 2% of exports. Exploitation of these resources continues to remain below desired levels. By 2007, the Ministry of Mineral Resources (MIREM) estimated that about $10 million in gold and $30-40 million in semi-precious stones were illegally exported from Mozambique each year. Annual fiscal revenues attributed to mining represented about $1 million a year. The country seemed to be missing out on opportunities to expand its economy, create jobs, and reduce poverty