The island of Madagascar is particularly famous for its biodiversity. Moreover, compared to other countries in Sub-Saharan Africa where the mining sector has traditionally played a major economic role, industrial exploitation of the mining resources remains more of a dream than a reality, even though this dream has never been so close to being realized. In a context of deregulation, this paper offers an interpretation of the issues related to the emerging mining sector in Madagascar and its role in the developmental models of multilateral funding institutions, mainly the World Bank.