Through Mozambique’s experience over the past thirty years, this article examines the relevance of extractive economic models as a development strategy given the massive exploitation of raw materials. Supported by the donor community, this Mozambican project is ignoring its population, the biggest loser of this extractivist saga. In 2014, almost half the population were still living below the poverty line and as far as inequality is concerned, this has been on the increase since 1996. However, this focus on extractivism makes the Mozambican model particularly vulnerable to external economic shocks. The instability inherent in primarily exporting economies cannot guarantee stable resources, without which any economic and social development projects are just pipe dreams.