Dstv Dailynews  Mobile

Trust artisanal miners in loan repayment: PS

THE government has assured banks of getting back the money loaned to artisanal miners.

Permanent Secretary (PS) in the Ministry of Minerals, Prof Simon Msanjila, said it was not the time for the banks to worry about loan repayment after lending smallscale miners.

“I can confidently say the mining sector is commanding significant financial returns,” he said during a local content forum organised as part of the ongoing Geita International Mining Machinery, Technology and Investment Exhibition.

The total revenue collection in the mining sector has risen to 256bn/- from 53.6bn/- in 2014. He said the mining sector’s share contribution to the national coffer had significantly increased from 3.0bn/- in 2014 to 26bn/-.

The PS said all transactions of small-scale miners could be easily traced and information was available for verification and lead to design a better loan system for them.

“Reforms in the legal framework have helped to establish mineral markets that have, therefore, increased transparency and revenue collection,” he said.

Geita Regional Commissioner Robert Gabriel noted that direct support to artisanal miners helped to benefit a large population in the community.

“We want 80 per cent of goods and services supplied in mining companies to be sourced from local firms,” the RC said.

According to the commissioner, the 4.4tri/- mining sector is still dominated by foreign companies and wants suppliers of goods and services to large gold producing mines to also contribute to social and economic activities through corporate social responsibility.

THE deposits for banking institutions ...


Post your comments

Recent Posts


more headlines in our related posts

latest # news

Quarterly banking sector deposits up 6.6 pc

1 day ago DAILY NEWS Reporter

Global market commodities rise

1 day ago DAILY NEWS Reporter

CRDB shares gain 80 pc in ten months

1 day ago DAILY NEWS Reporter