Saudi businessmen eye investment opportunities in Tanzania’s mineral resources

DAR ES SALAAM: THE State Mining Corporation (STAMICO) has held talks with a delegation of Saudi Arabian businesspeople on investment opportunities across Tanzania’s mineral resources value chain, as part of efforts to increase the benefits of the mining sector to Tanzanians.

The discussions, held in Dar es Salaam, focused on providing the Saudi delegation with information on available opportunities in the mining sector and exploring potential partnerships with STAMICO across various projects.

Speaking during the meeting, STAMICO Managing Director Dr Venance Mwasse said the corporation was continuing to open its doors to investors in accordance with government laws, regulations and procedures, with the aim of ensuring that investments generate benefits for all parties.

Dr Mwasse said STAMICO operates on commercial and transparent principles to minimise bureaucratic bottlenecks and ensure that investment opportunities are translated into productive projects within a reasonable timeframe.

“STAMICO is the right corporation to partner with because it has highly skilled and experienced professionals, strong relationships with communities surrounding its projects, and the capacity to collaborate with other institutions,” Dr Mwasse said.

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For his part, Chairman of the Saudi Arabian Business Council in Tanzania, Abdulrahman Al Thobaity, thanked STAMICO for providing the delegation with information on investment opportunities and potential areas of cooperation in Tanzania’s mining sector.

STAMICO Research Manager Frederick Mangasini also presented various investment opportunities in mining projects, including gold, coal and copper, as well as opportunities to collaborate in the development of small-scale miners.

The meeting forms part of STAMICO’s efforts to promote investment opportunities in Tanzania’s mining sector and attract capital capable of increasing production, value addition and employment.

STAMICO continues to strengthen its commercial capacity and create a conducive environment for investors, with the broader objective of ensuring that investment in the mining sector makes a meaningful contribution to Tanzania’s economy and national interests.