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About a month ago, the Tanzania government signed contracts worth approximately $1 billion (USD$667 million) with three Australian companies to mine graphite and rare earths. The deal, which was signed with Evolution Energy Minerals (ASX:EV1), Ecograf (ASX:EGR) and Peak Rare Earths (ASX:PEK) , constitute a part of Tanzania’s endeavours to progress negotiations on mining and energy projects that have experienced significant delays.
The agreement outlines that the Tanzanian government will have a 16 per cent stake in each of the projects. Shortly after this, further efforts were made to strengthen the relationship between the two countries when the Australian Commercial Commissioner for Africa, Mr. Scott Morriss, and the Minerals Minister of Tanzania, Dr. Doto Biteko, co-hosted a reception for Australian companies operating in Tanzania that offer mining, machinery, technology, and services.
“Tanzania is always ready to welcome more Australian companies and other investors from all corners of the globe to come and invest in the mining sector,” Doto Biteko disclosed.
USA has also looked to get involved. On her visit to Tanzania, Vice President Kamala Harris, announced plans to enhance trade and investment with Tanzania, with the goal of strengthening connections with a continent where China and Russia exert growing influence. “Working together, it is our shared goal to increase economic investment in Tanzania and strengthen our economic ties,” Harris stated.
And Tanzania is in a prime position to do so.
The country has an abundance of rich resources. These include metals (gold, iron ore, nickel, copper, cobalt, silver and rare earths), industrial minerals (diamonds, tanzanite, ruby, garnet, limestone, soda ash, gypsum, salt, phosphate, gravel, sand, dimension stones and graphite), and fuel minerals (coal and uranium).
The strengthening of ties with Australia, as well as efforts to enhance trade and investment with the United States, showcases Tanzania’s commitment to attracting global investors and expanding economic opportunities. Supported by abundant resources, adherence to international mining standards, and participation in regional trade agreements, Tanzania is well-positioned to achieve its aspirations and foster sustainable growth in the mining sector.