Why mining investment forum crucial for TZ

THE forthcoming Tanzania Mining and Investment Forum 2023 is envisioned to unlock the sector’s full potential, hence support the socio-economic growth and sustainable development of the country.

Recent reports from the ministry show that the contribution of the mining sector to the GDP by July to September, last year was 9.7 per cent slightly to the 10 per cent target- which is earmarked in the National Development Vision 2025.

However, while tabling its budget in the August house recently the ministry indicated that minerals remain among the top sectors in the country, bringing in huge foreign returns, with the current status showing that in 2022 alone, minerals valued at US dollars 3.4 million (over 7tril/-) were sold outside the country.

Mineral Minister, Dr Doto Biteko disclosed this in Dar es Salaam, on Tuesday during a press conference to launch the forum which is expected to be held at the Julius Nyerere International Convention Centre on October 25 and 26, this year.

“Tanzania is emerging as a hub for green energy and transition minerals development production. With its abundance of natural resources, favorable government policies and increasing demand for sustainable energy, the country is attracting attention from investors around the world,” said Dr Biteko.

He outlined the minerals including metallic (gold, iron, nickel, copper, rare earth elements, niobium, lithium, cobalt, lead and platinum group metals), gemstones (tanzanite, ruby, sapphire, spinel, amethyst, rhodolite and tsavorite) and industrial among others.

According to him, over the years the sector has embraced and promoted involvement of the private sector in developing numerous projects that are instrumental for the development of the country.

Such is owed to favorable legislation which provides a wide scope of conducting mining and allowing interaction of the global population to invest on exploration, mining, mineral beneficiation, value addition, trading and services in the mines.

Dr Biteko noted that the initiatives have helped to attract foreign capital and investment in the country, stressing that since 2017 they have been working to promote the sector as well as raise awareness on available opportunities.

“This has attracted integration among sectors and raised appetite, enabling flow of capital from financial institutions to mining projects…substantial contributions of 40 percent from previous 4 percent of the revenues have been generated from small scale subsectors,” noted the Minister.

He added that, efforts by President Samia Suluhu Hassan to bring a conducive environment on investment has attracted more investors in mining, citing the signing of eleven framework agreements by government and multinational companies from different countries. Negotiations for five more agreements were undergoing.

Due to the reaped gains, he said the 2023 forum will highlight the country’s rich mineral resources and provide an opportunity for local and international investors to discover the vast potential of mineral exploration projects, beneficiation and value addition at different categories.

“During the forum we look forward to making groundbreaking announcements, hosting bilateral and investor meetings, showcasing project development opportunities, and working with our national and global partners to unlock the full potential of Tanzania’s mining sector,” he said.

For his part, the Director of Ocean Business Partners, Mr Abdulsamad Abdulrahim the event organizers noted that the forum will attract over 2000 global attendees coming from over 25 countries, noting that there will be over 100 speakers with more than 20 sessions’ keynote addresses and presentations.

Carried out under the theme “Unlocking Tanzania’s Future Mining Potential”, he said new topics such as strategic mineral development, sustainable mining and local content will centre the discussions.

Mr Abdulrahim stated that the participation will include people from the highest level of the government, ministries, stakeholders, public sector, investors, financiers and technologists among others.

Co-organiser of the forum DMG Events Vice-President, Mr Damian Howard viewed that the opportunity for Tanzania to harness and accelerate its position as East Africa’s mining hub to the world supplying vital products to the global market from its mining and exploration activities in the support of green energy transition is yet to be realised.

“Tanzania is rapidly becoming a mining investment nation of choice with its wealth of copper, lithium, cobalt, rare earth elements and 13 percent of the world’s graphite, noting that the forum is crucial in realizing the country’s goals,” he said.

Commenting, Permanent Secretary at the Ministry of Water, Energy and Minerals in Zanzibar, Dr Joseph Kilangi noted that the country has started carrying out a geological survey to explore the kind of mineral resource which can be obtained in collaboration with Geological Survey of Tanzania (GST).

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