Tanzania State-Owned Gold Mining Enterprise Finalizing Discussions To List at Dar Es Salaam Stock Exchange (DSE)

Tanzania is finalizing discussions to list STAMIGOLD at the Dar es Salaam Stock Exchange (DSE) to provide Tanzania citizens with opportunities to share in the sector’s wealth.

This statement was made recently by Tanzania’s Minister of Minerals, Anthony Mavunde during an interview with the Citizen.

Mavunde highlighted: “Listing on the DSE would allow Tanzanians to directly participate in the wealth generated by the mining industry. Many big companies elsewhere are already listed in line with the law. This move will create more investment opportunities for Tanzanians, helping them share in the value of our mineral resources.”.

Mavunde also emphasized Tanzania’s mining sector’s growing significance by noting its export value of US$ 3.1 billion in the 2022/23 fiscal year, representing 56% of Tanzania’s foreign earnings.

He highlighted that the Mining sector’s contribution to domestic tax revenue reached TZS 2.1 trillion, accounting for 15%, while its GDP contribution grew from 7.2% in 2022 to 9.9% in 2023 with plans to reach 10% in 2024.

Mavunde also highlighted that under Tanzania’s Vision 2030, the Ministry aims to increase mineral exploration coverage from 16% to 50% of Tanzania’s land area by 2030.

Mavunde mentioned that the Geological Survey of Tanzania (GST) received a record TZS 115 billion for research from the Ministry’s expanded annual budget of TZS 231 billion.

This funding supports a detailed mapping project covering 165,834 square kilometers, representing 18% of the country’s area.

Mavunde added that the ministry is focused on extracting abundant resources like manganese, cobalt, nickel, lithium, and graphite, and plans to add value to these minerals domestically.

He mentioned a flagship project, the Kabanga Nickel Project, which includes a US$ 500 million processing plant in the Buzwagi Special Economic Zone.

Regarding Tanzania’s role in the global graphite market, Mavunde pointed to projects like the Lindi Jumbo Graphite Project and the upcoming Kudu Graphite Project.

Mavunde expressed confidence that within a few years, Tanzania will lead Africa’s critical minerals industry, boosting job creation, technological advancement, and economic growth.

About STAMIGOLD

STAMIGOLD is Tanzania’s only state-owned gold mining company, operating the Biharamulo Mine in the Kagera Region.

Established in 2013, STAMIGOLD is a subsidiary of the State Mining Corporation (STAMICO), which holds 99.998% of its shares.

As of 2023, the company produced approximately 7,449.60 ounces of gold and generated revenues of TZS 36.57 billion from July 2023 to March 2024.

The rise in global gold prices has positively impacted STAMIGOLD, contributing to a significant increase in Tanzania’s gold sales, which reached TZS 7.27 trillion in 2023, up from TZS 6.49 trillion in 2022.