Dr. Steven L. Kiruswa, Tanzania’s Deputy Minister of Minerals, is slated to be a prominent speaker at the forthcoming Critical Minerals Africa (CMA) 2023 summit, underscoring Tanzania’s ascendance as a prime mining destination.
Amid rising global demand for green energy sources and transition minerals, Tanzania is attracting international attention. The nation is poised to leverage its wealth of critical mineral assets, aligning with its ambitious target of boosting the mining industry’s GDP contribution to 10% by 2025.
In a notable move last April, the Tanzanian government inked agreements worth $667 million with three Australian firms for the extraction of graphite and rare earths. Additionally, efforts are underway to deepen ties with Australian entities specializing in mining, machinery, and advanced technological services.
Simultaneously, the US, recognizing Tanzania’s strategic importance, unveiled initiatives in March to amplify bilateral trade and investments. This collaborative spirit culminated in a $500-million pact to facilitate exports encompassing infrastructure, energy resilience, and power generation, among other pivotal sectors. Notably, the US is backing LifeZone Metals to build a mineral processing facility in Tanzania. This state-of-the-art plant, operational by 2026, aims to refine and export high-grade nickel to the US, incorporating eco-friendly technologies.
Boasting rich spanning critical minerals, industrial metals, coal, uranium, and unique gemstones like tanzanite, Tanzania stands as a formidable player in the mining arena. It proudly holds the title of Africa’s third-largest gold producer. The mining domain contributes substantially to Tanzania’s export earnings, significantly bolstered by gold, given the vast deposits around Lake Victoria. Consequently, the spectrum of investment opportunities in Tanzania’s mining sector is vast, encompassing everything from raw resource extraction to sophisticated processing of precious metals, iron ore production, and electrification of mining zones.
Beyond its mineral wealth, Tanzania’s strategic geographical positioning offers direct trade pathways to Asia and six landlocked East African nations. The country enjoys a conducive business climate, further strengthened by its affiliation with the Extractive Industries Transparency Initiative. The CMA 2023 summit will delve into Tanzania’s prospects of emerging as a regional powerhouse in the critical minerals sector, fostering connections between investors and the nation’s most promising ventures.
