THE Geological Survey of Tanzania (GST) is set to present Tanzania’s minerals potential during the country’s showcase session at the Mining Indaba, the world’s largest gathering of influential stakeholders in the mining industry in Cape Town next week.
The primary objective of the session is to attract more investors and provide them with opportunities available in the mining sector.
The presentation will be made by GST Chief Executive Officer Dr Mussa Budeba, who will emphasise on the available investment opportunities in the exploration of critical minerals.
In his statement issued on Tuesday, Dr Budeba expressed excitement about developing new prospects for exploration and mining investment.
“We are excited about developing new prospects for exploration and mining investment by expanding our knowledge on mineral resources through geophysical surveying,” said Dr Budeba.
He said the plan is to conduct high-resolution airborne geophysical surveys in two out of six priority blocks in 2024, which will increase the current coverage of the country’s high-resolution airborne geophysical data from 16 percent to 18 percent.
During the showcase, Dr Budeba is expected to explore Tanzania’s geological aspects and its potential in minerals and investment opportunities in the mining sector.
He will discuss existing occurrences and advanced projects on critical minerals, highlighting Tanzania’s potential to become a mineral hub shortly.
Tanzania is poised to unlock even greater potential in its mineral sector, fostering economic growth and sustainable development.
This is being achieved through ongoing government efforts to create a more conducive investment environment, including infrastructure development and regulatory reforms that facilitate more geoscientific surveys.
“Since the government introduced various regulatory and fiscal reforms in 2017, the mining sector in Tanzania has experienced steady growth. In 2022, the sector’s growth stood at 10.9 percent and contributed 9.1 per cent to the National Gross Domestic Product (GDP),” the statement said.
It is projected that the Mining sector will contribute 10 percent to the national GDP by 2025. Minerals accounted for over 56 per cent of Tanzania’s total exports in 2022, the highest share ever recorded.
Tanzania is blessed with abundant and diverse mineral resources, including precious metals like gold, silver, platinum group elements (PGE), and gemstones such as diamonds, sapphires, rubies, tanzanite, garnets, and emeralds.
The country also possesses critical minerals like graphite, nickel, cobalt, lithium, niobium, neodymium, praseodymium, vanadium, titanium and tin.