Tanzania’s Mining Sector: A Beacon of Growth and Sustainability

Enhancing Benefits for Tanzanians: President Dr. Samia Suluhu Hassan’s Vision for the Mining Sector

[su_dropcap style=”flat” size=”5″]T[/su_dropcap]he President of the United Republic of Tanzania, Her Excellency Dr. Samia Suluhu Hassan, has stated that the government’s objective is to enhance the benefits derived by Tanzanians from the mining sector. This will be achieved by increasing the value of minerals within the country, enabling the Central Bank of Tanzania to establish gold reserves, and ensuring that those in possession of mining licences utilise them fully. Upon arrival in Geita Region, President Dr. Samia was given a briefing on the various stages of receiving and selling gold ore in the Geita Central Gold Market.

At the Seventh Technology and Investment Exhibition in the Mining Sector, held at the Bombambili Investment Centre grounds, President Dr. Samia emphasised the significance of the mining sector to Tanzania.
Furthermore, President Dr. Samia emphasised the value of stakeholders convening to share insights, technology and knowledge about the mining sector. This, she said, would encourage investment and drive participation and benefits for Tanzanians in this vital sector.
Similarly, President Dr. Samia has announced the government’s intention to ensure that Tanzania has sufficient gold reserves. This will be achieved by requiring license holders and mining traders to set aside 20 percent of their gold production and sell it to the Central Bank of Tanzania.

Prior to this, President Dr. Samia undertook a visit to the Geita Gold Refinery and the Geita Mineral Market, which is one of 44 markets in all regions and 103 centres for buying minerals. She advised small miners to continue using these markets, which provide them with a guaranteed market.
Furthermore, President Dr. Samia has today conducted an inspection of the construction progress of the JP Magufuli Bridge, which will connect the Kigongo (Misungwi) and Busisi (Sengerema) areas with a length of 3 kilometres. Furthermore, she extended greetings to Mrs Juliana Stephano Kidaso, mother of Janeth Magufuli.

The President of the United Republic of Tanzania, Her Excellency Dr. Samia Suluhu Hassan, has set out a clear objective for the government’s approach to the mining sector: to enhance the benefits derived by Tanzanians. This comprehensive strategy involves increasing the value of minerals within the country, enabling the Central Bank of Tanzania to establish substantial gold reserves, and ensuring that mining licences are fully utilised.

A Multifaceted Approach to Growth

The government’s approach is multifaceted and proactive. It focuses on increasing the intrinsic value of minerals, establishing robust gold reserves for the Central Bank of Tanzania, and ensuring the optimal utilisation of mining licences. This strategy is not solely focused on revenue generation; it is also designed to create a sustainable ecosystem that can flourish for generations to come. By optimising the value chain from extraction to market, Tanzania aims to maximise the benefits derived from its mineral resources.

Geita Region: The Heart of Gold Mining

The Geita Region, which is renowned for its substantial gold deposits, has emerged as a pivotal area for these endeavours. The Geita Central Gold Market serves as a centralised trading hub for gold ore, offering a transparent and efficient system for the buying and selling of this precious resource.

At the Seventh Technology and Investment Exhibition in the Mining Sector, President Dr. Samia Suluhu Hassan recently highlighted the significance of technology and investment in mining, citing the Geita Central Gold Market as a key example.

Closing the Seventh Technology and Investment Exhibition

The President made these remarks at the conclusion of the Seventh Technology and Investment Exhibition in the Mining Sector, held at the Bombambili Investment Centre grounds. This exhibition served as a valuable platform for stakeholders to share insights, technology, and knowledge about the mining sector, going beyond the mere showcase of technological advancements.

President Dr. Samia highlighted the importance of such events in fostering investment and driving participation and benefits for Tanzanians in this vital sector.

Strategic Gold Reserves

In a decisive action to bolster the country’s financial stability, the government has directed that 20% of gold production from license holders and traders be sold directly to the Central Bank of Tanzania. This policy ensures a steady accumulation of gold reserves, thereby instilling confidence in the nation’s economic stability. By building substantial gold reserves, Tanzania aims to protect its economy against global market fluctuations and enhance its financial resilience.

Visits to Key Mining Facilities

Prior to making her remarks at the exhibition, President Dr. Samia undertook a visit to the Geita Gold Refinery and the Geita Mineral Market. These facilities form part of a larger network of 44 markets and 103 centres dedicated to mineral trading across the country. She advised small miners to continue using these markets, which guarantee them access to a fair and transparent market, thereby ensuring that even the smallest players in the mining sector can benefit from fair trade practices.

Hands-On Governance

The President’s recent visits to the Geita Gold Refinery and the Geita Mineral Market demonstrate her commitment to a hands-on approach to governance. These facilities form part of a larger network of 44 markets and 103 centres dedicated to mineral trading across the country, providing small miners with guaranteed access to a fair market.

This network guarantees that even the smallest players in the mining sector can benefit from fair trade practices and market access.

Infrastructure Development: The JP Magufuli Bridge

In addition to her focus on the mining sector, President Dr. Samia conducted an inspection of the construction progress of the JP Magufuli Bridge. This 3-kilometre bridge will connect the Kigongo (Misungwi) and Busisi (Sengerema) areas, enhancing connectivity and opening new avenues for trade and mobility.

Improved infrastructure is a key component of Tanzania’s growth strategy, facilitating not only mining operations but also boosting overall economic activity in the region.

A Sustainable Future

As Tanzania continues to navigate the complexities of the global mining industry, the government is firmly committed to enhancing the sector’s benefits for its citizens. By pursuing strategic initiatives, fostering collaboration with stakeholders, and prioritising sustainability, Tanzania’s mining sector is well-positioned to become a model of economic success in Africa and beyond. The focus on sustainable practices guarantees that the mining sector will continue to drive national prosperity without compromising the environment or future generations.

In conclusion, Tanzania’s mining sector, under the visionary leadership of President Dr. Samia Suluhu Hassan, is pursuing a course of sustainable growth and economic stability. By leveraging its mineral wealth, investing in technology, and fostering inclusive development, Tanzania is establishing a model for other nations in the region. The future of Tanzania’s mining sector is promising, with a clear focus on sustainability, economic resilience and shared prosperity.

As Tanzania continues to navigate the complexities of the global mining industry, the government’s commitment to enhancing the sector’s benefits for its citizens remains unwavering. With strategic initiatives, stakeholder collaboration, and a focus on sustainability, Tanzania’s mining sector is poised to become a beacon of economic success in Africa and beyond. Under the visionary leadership of President Dr. Samia Suluhu Hassan, Tanzania is setting a benchmark for other nations in the region, ensuring that the mining sector contributes to the nation’s prosperity without compromising the environment or future generations.

Tanzania Media