According to Dr Chakwera, it is unfortunate to note that Malawi hardly has anything to show for the 250 mining licences it has issued over the years.
Addressing the Nation on Sunday evening in Lilongwe, the Malawi leader added his Administration is among other things positioning to table a Bill for the introduction of a Mining Regulatory Authority to turn mining into a robust sector.
"Malawi is a mineral-rich country. What we have lacked over the years is patriotism," said Dr Chakwera in part.
He said among other things, Malawi can use its phosphate deposits to establish fertiliser making companies, pointing out that the era of economic mismanagement is over.
"We will turn out the God-given riches into development capital," added the Malawi leader.
The mining sector currently contributes 3 percent to Malawi's revenue basket.