The government is making a deal to enable Tanzanians own shares in listed mining companies. With this in mind, the Government of Uganda has handed a six month deadline to all major mining companies countrywide to float their shares on the Dar es Salaam Stock Exchange (DSE).
“All big mining companies must make sure they register and float shares to DSE,” Minister for Energy and Minerals, Prof Sospeter Muhongo said when he visited victims of a recent accident at RZ goldmine.
Prof Muhongo also instructed assistant commissioners of minerals to revoke all mining licenses that have been dormant for a long time. He said that the government is setting plans to help small-scale miners to advance and apply modern technology in their daily activities.
“The government is looking forward to supporting small scale miners so that they can improve their businesses,” he said.
The mining industry makes a significant contribution to the Tanzanian economy, mainly through the extraction of copper, gold and silver, along with some industrial minerals and gemstones such as diamonds.
One of the economic areas that have improved steadily within a ten years period is the mining sector that has completely boost Tanzania’s economic status. Mining is one of the leading sectors in Tanzania, with the value of mineral exports increasing tremendously each year.