The current boom in commodity prices was presenting "a unique" opportunity to build "something of lasting value" for Africa and its people, RandGold Resources CEO Dr Mark Bristow said in Johannesburg on Monday.

Bristow, who is building Randgold's third gold mine in Africa, told the joint conference of the Society of Economic Geologists and the Geological Society of South Africa that the current resources boom was an opportunity that should "not be missed".

Besides China's demand, the most important other driver of the current commodities boom was the decline in global metal production.

Bristow said that Africa was believed to host nearly a third of the earth's mineral resources.

But while Africa was rich in minerals, it was "poor in every other way".

"This poverty is the main obstacle to the development of its resources and the stimulation of economic growth," Bristow added.

"The metals price boom provides the continent with the means to kickstart its economies, much as South Africa used its gold to build a broad economic base years ago," he said.

"Conditions for prosperity have never been better, but this opportunity can also be squandered if the temptation to cash in immediately triumphs over a long-term commitment to development," he warned.

What was needed was for African governments, as custodians of these resources and the mining industry as their developers to combine forces in an effort to establish a lasting economic benefit for all the people.

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