DAR ES SALAAM, Oct 16 (NNN-DAILYNEWS) — Tanzania is gearing up to become a leading player in Africa’s strategic mineral industry, as global demand for these critical resources is expected to massively increase by 2050.
The announcement was made the Minister for Minerals, Anthony Mavunde, during a discussion with key stakeholders in the sector.
The minister emphasized Tanzania’s strategic advantage in this race, highlighting the country’s rich reserves of minerals essential for clean energy, such as nickel, lithium, and graphite.
According to the minister, the global demand for graphite is 6.5 million tonnes per year, while the current global production stands at 1.2 million tonnes with China leading by contributing to 64 percent of the world’s graphite production.
Additionally, he said that in Africa, the leading country is Madagascar which contributes 13 percent followed by Mozambique (10 percent).
He stated that Tanzania holds the third position by contributing 0.6 percent..
On Sunday during the closing of the 7th Mining Technology Exhibition in Geita, President Samia Suluhu Hassan said that in ensuring the growth of the mining sector, the government has allocated 250bn/- as a loan guarantee scheme to enable mineral buyers to borrow and operate effectively.
“All of this is to ensure that the mining sector grows and a certain percentage of wealth remains in the country as a future guarantee,” said President Samia.
She further said that the government places significant importance on the mining sector, recognising its role in transforming citizens’ lives, especially small-scale miners and contributing to the economy by generating foreign currency.
“Last year, the mining sector contributed approximately 56 per cent of all foreign exchange earnings, making it the leading sector in this regard. That is the reason we prioritise this sector,” she added.
The Head of State said the government has also increased the Ministry of Mineral’s budget from 89bn/- for the fiscal year 2023/2024 to 231bn/- for 2024/2025 year, aiming to increase efficiency in the mining sector, including strengthening revenue collection systems and building the capacity of the Geological Survey of Tanzania (GST) to conduct comprehensive mineral exploration across the country.
Currently, she said, only 16 per cent of mined areas have undergone survey. To address this, the government is purchasing equipment to conduct surveys nationwide to identify which minerals exist in each region and in what quantities. — NNN-DAILYNEWS