18 November 2020
Last update on Wednesday, November 18, 2020 At 9:30 AM
It is the wish of the government which is active in granting more mining permits to companies active in the gold and rare earth deposits that the country hosts.
Mines must do more to mobilize public revenue in Tanzania. It is the will of the government of John Magufuli which, according to the Minister of Mines Doto Biteko relayed by Bloomberg, wants to increase by a third the revenues from the exploitation of mineral resources within 3 years.
They would rise from 526.7 billion shillings (about $ 227 million) forecast for fiscal year 2020 to more than 700 billion shillings ($ 302 million) in 2023 or 2024, an increase of 33%.
To achieve this objective, new operating permits will be granted in the coming months. We can already cite a “special mining license” for the exploitation of rare earths at the Ngualla project, at the company PR NG Minerals, a subsidiary of the Australian Peak Resources. Meanwhile, another Australian company, OreCorp, is also expected to obtain a mining license for the gold deposits at the Nyanzaga project.
Added to this are the significant financial benefits expected from the agreement with mining giant Barrick, but also from gold mines in production in the country or which will reach this stage very soon. Note that the country also hosts deposits of nickel, graphite and coal which attract investors.
Source Ecofin Agency
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