Too many resource-rich countries remain challenged by undiversified economic structures with weak industrial bases, high unemployment and economies vulnerable to commodity cycles. Many of them are reviewing or revising mining and investment codes and contracts, looking to local content policies to help exploit mining’s powerful potential for inclusive economic development. But there is no simple template; each country has different resource endowments, different skill sets in their local suppliers and labour force, different infrastructure assets and challenges, and different investment environments. The history of practice of local content policies yields more cautionary tales than best practices. While it is important to underscore the risks associated with failed policies, there have also been successes, and lessons can be drawn from both. The mixed record of the past suggests that countries need to invest heavily in getting it right. This guidance aims to help in that process.