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Browsing: mining in Tanzania
The mining industry in Tanzania holds a unique position as one of the most financially rewarding sectors, consistently generating foreign currency. Beyond its economic significance, this sector also wields considerable political influence within the nation. Therefore, a recent multi-million-dollar agreement forged with Australia and the US for the extraction and processing of critical minerals positions Tanzania advantageously as it prepares to participate in the forthcoming Critical Minerals Summit 2023.…
President Suluhu Hassan has welcomed American investors in her bid to “set the tone for creating the safe lending for investors”.
By 2021, Tanzania led in East Africa in the number of FDI attracted from the US to Tanzania, followed by Kenya and Uganda.
Over the past years, there was deterioration in Tanzania’s business and investment sector that marred the nation’s attractiveness.
The latter brought Tanzania to rank 141 out of 190 countries on the 2020 World Bank Ease of Doing Business Report, which the International Trade Administration argued to be the lowest among the nation’s peers.
Hence, President Suluhu Hassan’s administration is addressing the latter. Her government has now substantially improved cross border trading with its neighbouring nations, dealing with unrealistic taxes, unnecessary bureaucracy, delayed refunds and unfriendly administration of taxes.…
The number of small-scale miners in mineral-rich Tanzania has more than doubled in a period of less than a year. Mining is the country’s leading revenue earner in terms of foreign export as well as increased government revenue.
The figures were made public by Prime Minister Kassim Majaliwa while addressing parliament. He said in the financial year 2020/2021 4,652 mining exploration licenses were issued to small and medium sized miners.
Notably Tanzania is the only country in the world with deposits of the precious stone tanzanite; Tanzania is also one of Africa’s largest gold producers.…
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The Government of Tanzania and Barrick Gold entered into a partnership last year, and created a new joint venture, Twiga Minerals Corporation.
Barrick Gold’s one-year-old partnership with the Tanzanian government marked new ground as the Canadian miner was awarded 10 new exploration licenses this year and subsequently plans to spend $8 million on exploration, Barrick’s president and chief executive Mark Bristow said during a recent press briefing.
According to Barrick, the North Mara mine—which was at the centre of scrutiny by the Tanzania government is now “re-energized and ahead of plan in the year to date and Bulyanhulu has resumed underground mining operations and is scheduled to restart processing of underground ore by the end of 2020 as a long-life underground mine”.
All of these affairs operate under the new joint venture named—Twiga Minerals Corporation, in charge to oversee three gold mines, Bulyanhulu, North Mara and …
The quarterly economic bulletin published by Bank of Tanzania (BoT) has provided promising prospects for Tanzania’s fast-growing economy.
The Q2 report for the period ending June 2020 recorded satisfactory performance in a few sectors despite the coronavirus grip.
In the reporting period, real gross domestic product grew by 5.7 per cent which is slower than 6.3 per cent in the corresponding quarter in 2019. In the same period, Tanzania attained a lower-middle-income status as categorized by the World Bank.
According to the central bank’s bulletin, construction, agriculture, transport and storage, mining and quarrying sectors all together were accountable for the 60 per cent mark on growth.
As Tanzania keeps its mast strong amid fears of the virus, the BoT bulletin depicts inflation was sustained, while monetary policies and enhanced liquidity were responsible for cushioning the financial sector from COVID-19
Tanzania’s National Bureau of Statistics (NBS) report on the first-quarter gross domestic product (GDP) showed that the Tanzania economy managed to hit 5.7 per cent growth in Q1 compared to 6.3 per cent in the previous year similar quarter.
According to the report, the Q1 value of GDP in absolute terms GDP stood at around $ 15 billion compared to over $14 billion in 2019. On the same mark, the value of GDP at 2015 constant prices rose to nearly $13 billion in Q1 from $9 billion in the corresponding quarter in 2019.
However, the comprehensive report shows that the reformed mining and quarrying industry recorded the highest growth at 15.3 per cent and gold production was a factor.
The newly World Bank categorized middle-income nation of more than 58 million, also saw growth from human health and social work activity (10.2 per cent), professional, scientific and technical activity (8.9 …
Tanzania mining industry just got interesting as the leading miner in East Africa will start exporting tin, its base metals of tantalum and wolframite, mined in the northern part of Tanzania.
According to information from The Citizen, the green light came out after Tanzania sufficed all export requirements to become the fourth eligible nation in the Great Lakes Region after Rwanda, Burundi and the Democratic Republic of Congo (DRC).
Prior to the export nod, Tanzania produced tin and its base metals, but it was not allowed to export them due to lack of certificates of origin, the necessary requirement for exports.
The Tanzanian Ministry of Minerals revealed via minerals deputy minister Stanslaus Nyongo yesterday that, the highly valued minerals were mostly exported illegally via neighbouring countries, which were issuing certificates.
Further, the deputy minister added that Great Lakes Region leaders placed restrictions on exports of tin and its base metals …
The government of Tanzania, has carefully laid out its plans to boost the mining sector in the country.
The country is now adopting robust measures, within legal and operational lines to ensure the country gets optimum benefits from this. It has also announced plans to set up trading centers are established as well as spruce up value addition efforts.
Since Tanzania’s President John Magufuli came to power, various strategic sectors have been under heavy scrutiny and vital changes, necessary for a robust Tanzanian success story, primarily the minerals sector—a rather high-earning sector in Tanzania.
From the Acacia Mining saga to local securing sustainable small miners’ welfare, the government has immensely waged its efforts to improve mining operations and minerals trading in Tanzania, including: the erection of the Mererani wall (3 meters high, 24.5 kilometers long and worth over $2.6 million) and establishment of minerals trading centers across the country.
Tanzania has recently lifted its halt on Acacia Mining exporting its gold which was issued on March 3rd 2017.
The leading African gold miner with over 15 years, faced the suspension after Government of Tanzania took a keen eye on its mining operation in North Mara, located in the northern part of Tanzania.
Acacia published a press release on August 9th documenting the good news relayed by the Mining Commission of Tanzania.
“Acacia notes that today it’s North Mara Gold Mine has received a letter from the Mining Commission of the Tanzanian Ministry of Minerals (the “Mining Commission”) authorizing the Company to resume gold exports from North Mara subject to its adherence to the export procedure. The letter follows an investigation which the Mining Commission conducted at the mine on 30 and 31 July 2019 and an earlier letter dated 12 July 2019 from the Mining Commission which …