Africa-Press – Tanzania. FOUR multinational companies from South Korea, Dubai, France and India have shown an interest to invest in Tanzania’s mining sector.
According to the companies, they have been lured with abundant mineral resources deposited in the country coupled with existing conducive investment climate.
This was revealed during the on-going Expo 2020 Dubai, where Tanzania is among exhibitors showcasing and marketing products, resources as well as business and investment opportunities.
Speaking to the delegation of the Ministry of Minerals during the Expo, the international firms said their intention to invest is due to the country’s abundant minerals and conducive business climate.
The Director General of Elves Graphite Company from South Korea Mr Lee Jae-Jin said they are interested in investing in graphite minerals in Ruangwa district, Lindi region.
He said, there is a sufficient market of such minerals in South Korea since the Far Eastern country has a large number of phone manufacturing factories including Samsung, whose production depends much on graphite.
For his part, President of the MCF Conseil from France, Sabine Moutier, told the Tanzanian delegation that they are expecting to buy gold that has been refined by the factories available in the country.
“Already, the company has sought to know procedures of venturing in the mineral sector in Tanzania,” part of the statement issued yesterday by the ministry read.
Other companies that are interested to invest in Tanzania include Design fabrication of India as well as the WorldKare of Dubai.
The Minister for Minerals Doto Biteko recently said the government would ban exports of unrefined minerals in order to reap more benefits from taxes and create jobs for the locals as well as promote the local refinery plants built in Geita, Mwanza and Dodoma region.
In June this year President Samia Suluhu Hassan launched a 12.2bn/- newly-constructed Mwanza Precious Metal Refinery (MPMR) in Mwanza that has capacity of processing 480 kilograms of minerals daily.
The factory was built by the State Mining Corporation (Stamico) in partnership with Dubai’s Lozera Company and the ACME Consultant Engineers Pte Limited, Singapore.
Speaking during the expo, the Acting Managing Director of Stamico, Venance Mwasse, said so far only 10 per cent of minerals available in the country have been explored.
“There is a large portion of minerals that are yet to be extracted, we therefore invite investors from different parts of the world to exploit the opportunity in Tanzania,” he explained.
He also assured investors of a conducive business and investment climate.
Tanzania is among the world countries with highest gold reserves, with data showing that it boasts 45 million ounces. Mining makes up more than 50 per cent of the country’s total exports, of which a large part comes from gold.
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