A report by Geoscience Australia, commissioned by AusAID, details the known mineral and energy resources of 138 developing countries across Africa, Asia, Latin America and the Pacific.

It also provides insights into other factors that can influence investment such as political, operational, security and terrorism risks.

Only eight African nations have no known mineral resources but the report said many of these would ultimately prove to have resources as modern exploration began or if more detailed reviews were undertaken.

The region also displays significantly higher risk rankings for political, operational, security and terrorism relative to Latin America and the Pacific, with only Asia holding comparable status of extreme to high rankings for the four types of risk.

Botswana, Namibia, Seychelles and Mauritius hold the lowest risk profiles in the region while Somalia and Zimbabwe rank near the top.

Almost all nations in Africa and Asia produce industrial minerals and construction materials, which would be essential for infrastructure and future development of mineral resources.

Chile, Peru, Brazil and Bolivia dominate the resources sector of South America while Mexico has a very large industry in Central America.

The risk profile for Latin America is generally low to moderate, with isolated countries including Bolivia, Ecuador, Haiti, Nicaragua and Venezuela classified as high risk for political and operational issues.

Colombia is the only country to have a moderate risk of terrorism, while the region falls into the insignificant to low category.

In the Pacific region, only Indonesia, Papua New Guinea, Fiji and the Philippines have reported resource inventories.

The report said East Timor, the Solomon Islands, the Philippines and Papua New Guinea have potential for significant resource discoveries.

The region also enjoys the lowest levels of perceived risk with no extreme ratings and just three receiving high rankings.

Papua New Guinea rated a high operational and security risk, the Philippines were high for terrorism risk while the Solomon Islands were up for political risk.

Resources and Energy Minister Gary Gray said Australia is well positioned to help other nations grasp the opportunities afforded to them by mining.

“Australia is a world leader in using environmentally responsible mining practices and one of the world’s largest exporters of minerals and energy commodities,” he said.

Gray cautioned that while mining and resources could stimulate inclusive sustainable growth, leading to a reduction in aid dependence in the future, it had to be managed carefully.

“Poor management of resources can initiate a wave of economic stagnation, corruption and conflict – resulting in what is known as the ‘resource curse’,” he said.

A new and strengthened EITI standard will be launched today when more than 1000 delegates from 96 countries meet to promote transparency in the resources sector.

The 10-year-old effort encourages transparency of revenue coming in from natural resources because if managed well, oil, gas and mineral resources can bring significant benefits to citizens of resource-rich countries, lifting hundreds of millions of people out of poverty.

Australia supports countries’ efforts to promote transparency through EITI with $A18.5 million in funding and by implementing an EITI pilot itself.

The government said it was working with companies like BHP Billiton, BP and Rio Tinto as well as organisations like Oxfam Australia to make sure the EITI provided a level playing field for companies while not adding a serious burden.