Browsing: mining in Tanzania

Tanzania's Mining Act | Mining in Tanzania | Gold in Tanzania

Tanzania’s race to ink multimillion dollar mining deals

Investing

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.

Tanzania's President Samia Suluhu Hassan with United States Vice President Kamala Harris. Americans investing in Tanzania stand to gain from a US$1 billion investment opportunity in Tanzania. www.theexchange.africa

Opportunities for Americans investing in Tanzania

Investing

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.

Tanzania: Small scale miners double in a year

Tanzania

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.