Tanzania’s mining industry seeks to diversify to maximize profits

Tanzania, renowned for gold production seeks to diversify from the mining industry’s over-dependence of gold business into other minerals in the market such as coal, nickel and uranium to maximize on its direct foreign investment in the Eastern African State, a report said.

The British market intelligence firm, Business Monitor International (BMI) said and confirmed this in its reports, seen by Ambriefonline adding that the move is as a result of minimal gold production growth in the region.

The report points out that though the mining industry in Tanzania is relatively small in terms of value, it earns a significant share of the country’s export revenues.

Tanzania is home to major deposits of coal, cobalt, copper, diamonds, gold, nickel, silver and uranium. The country also boasts of niobium production in Mbeya region.

Foreign investors in Tanzania’s mining sector include African Barrick Gold and AngloGold Ashanti, the report adds.

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