Africa's relationship with its extractive industries, i.e. oil, gas and mining, is underpinned by economic, policies and development outcomes.  The economics are being shaped by changing demand and supply from old and new trade partners, new resource discoveries, depleting reserves, climate change, boom and bust price cycles and challenges government face capturing and spending the revenues derived from resource production.  New mining codes, local content regulations, carbon pricing and energy subsidy reduction initiatives, industrial policies, sovereign wealth funds, labor charters and infrastructure-sharing agreements are some of the laws and policies announced and implemented in recent years.  Very few countries have made headway in investing the vast windfalls into physical and human capital assets while most countries in the region have failed to capitalize on price booms to accelerate economic transformation.