Small-scale miners smell fortunes in US-based firm’s funding in the mining sector
DAR ES SALAAM: SMALL-SCALE miners in Tanzania are set to benefit from new opportunities in financing, modern mining equipment and advanced technology following plans by US-based Falcone Sovereign Wealth Fund Partnership Inc. to invest in the country’s mining sector through direct partnerships with local artisanal and small-scale miners.
The investment plan was discussed during a meeting between the company’s executives and Deputy Minister for Minerals, Dr Steven Kiruswa, in Dar es Salaam, where the two sides explored strategies for implementing the proposed investment.
Speaking at the meeting, Dr Kiruswa commended Falcone Sovereign Wealth Fund Partnership Inc. for its decision to channel investment towards Tanzania’s small-scale miners, saying the initiative would enhance mineral production and contribute to the country’s economic growth.
He said investments that empower small-scale miners generate significant benefits because the income derived from their mining activities remains within the country, stimulating economic growth, creating jobs and improving the livelihoods of Tanzanians.
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Dr Kiruswa also stressed that the company must conduct its operations in full compliance with Tanzania’s mining laws, regulations, procedures and government guidelines governing the sector.
He noted that the Sixth Phase Government under President Samia Suluhu Hassan has continued to improve the investment climate through investor-friendly policies and legislation that promote partnerships between local and foreign investors and small-scale miners for mutual benefit.
Meanwhile, Falcone Sovereign Wealth Fund Partnership Inc. Managing Director Nicholas Dalessandro said the company will begin implementing its investment programme by partnering with small-scale miners in Chunya District before expanding its operations to other mining areas across the country.
He said the investment is intended to boost the productivity of small-scale miners by improving their access to capital, modern mining technologies and efficient extraction methods, a move expected to increase productivity and add greater value to Tanzania’s mining sector.
