Tanzania’s mining industry has decided that from 2018, they will stop the over-dependence of gold business and diversify to other minerals in the market such as coal, nickel and uranium.
The British market intelligence firm, Business Monitor International (BMI) confirmed this in its reports and said 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.