By a Correspondent
Barrick Company has been presented with an award for being the patron of the 2024 Tanzania Mining and Investment Conference, which is taking place from 19th to 21st November, at the Mwalimu Julius Nyerere International Convention Centre in Dar es Salaam.
The prestigious award was presented to Barrick Country Manager, Dr Melkiory Ngido yesterday by Prime Minister Kassim Majaliwa who stood in for President Samia Suluhu Hassan.
Other companies were also accorded recognition for taking part as sponsors of the annual event.
Addressing the conference before receiving the award, Dr Ngido said Barrick’s joint venture with the government of Tanzania through Twiga Minerals Corporation, continues to demonstrate to the world how this model can greatly contribute to the country’s economic development.
He noted that in just a short period of time, the partnership has contributed immensely to the national economy through levies and taxes, while providing job opportunities to many Tanzanians.
Dr Ngido also mentioned social services projects especially in the sectors of health, infrastructure, education, water and many others, saying the mining activities have also uplifted the businesses of contractors trading with its three giant mines of North Mara, Bulyanhulu and Buzwagi.
Minister for Minerals, Minister Mr Anthony Mavunde told the conference that between 2021 and 2024,the sector contributed between 7.2 percent and 9.0 per cent of the GDP.
He said there has been an increase in the ministry’s budgetary allocation from 89bn/- to 231bn/- and much of it is directed towards the Geological Survey and Mining exploration Institute, construction of a modern laboratory in Dodoma and the mining regions of Geita and Chunya.
At the same time, the government has set aside a considerable amount for the purchase of a helicopter to boost mining exploration, according to the minister.
“So far, the government has conducted only 16 per cent of in-depth exploration. Tanzania has 945,000 square kilometers, equivalent to 233,000,000 acres. Our aim is to cover at least half of it by 2030,” the minister said.
He said of the 16 percent of the exploration carried out during the 2022/2023 financial year, the mining sector has fetched USD 3.1 billion, which is equal to 56 per cent of the country’s foreign earnings.
The objective of the conference is to gather key global mining stakeholders, leaders and government representatives, in order to explore new opportunities, and gain insights into Tanzania’s mining policies, investment incentives and supportive business environment.