Tanzania to start taking the yield of Windfalls to become the Country’s largest Gold Mine

By Abdul Rahman Bangura–

Photo Credit: Twitter

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- Tanzania has scheduled to another crossroads after the it began obtaining concessions from what would be the nation’s biggest goldmine-Nyanzaga operated by OreCorp Limited in Sengerema District, Mwanza Region.

However, the administration has also granted license for undertaking of a big project to mine ‘Rare Earth element’ in Ngwala Ward of Songwe Region. Chief Government spokesperson – Gerson Msigwa let out that, each project would attract over $100 million (2.3 tri/-) as an investment cost.

Msigwa brought about the disclosure in Dar es Salaam, August 1st, 2021 while emphasizing on ‘Six-Phase government’s implementation of various projects and promises.’

“Each project will create more than 1000 new direct and indirect jobs once they start operations,” brought up, Msigwa as he informed the press. He announced, the projects will be aspect of the current landmark achievements Tanzania, has made in the Mining Sector after modifying laws, that guarantee help the more and possession of natural resources.

“Remember that our mining law gives 16% ownership to the government and we are certain to collect various taxes and levies.

That is why we say, this is another major victory in the mining industry,” he enlarged. Magnifying, the administration spokesperson announced that, when the mines would commence production, the forthcoming rare earth mineral site in Songwe region will also go hand in hand with building its refining plant.

“This plant to be built in the country is expected to increase demand of acid that is used for its refining, hence create a market for acid producers,” he announced.

Tanzania has begun assembling power transmission infrastructure that will promote generating power for sale to neighboring nations.

“The Government is continuing to implement major projects of building a national transmission line that will transport 400 kilowatts.

There is an ongoing construction project to build a power line connecting the three countries of Zambia, Tanzania and Kenya (ZTK) and this will enable us to export electricity to our neighbors,” he strengthened.

Msigwa made furtherance that currently, the nation is producing 1,604 MW against 1,200MW need and nonetheless marks to produce 5,000MW by 2025. In a relevant advancement, he told, construction of Julius Nyerere Hydropower project would be finalized by June 2022 and will produce 2115 MW.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent