With indications that the growth of gold production in Tanzania is slowing, plans are currently in place to diversify the Tanzania mining industry into nickel, coal and uranium by 2018.
According to a new materials research report conducted by the British market intelligence firm Business Monitor International (BMI), while the country’s mining industry remains relatively small, it earns a significant portion of Tanzania export revenues and boasts several key foreign investors including African Barrick Gold and AngloGold Ashanti.
“The country has long been a producer of gold [and] in the long term we also expect coal, nickel and uranium production to become sub-sectors of Tanzania’s mining sector,” noted the report.
The report indicates that the country possesses significant deposits of coal, cobal, copper, diamonds, gold, nickel, silver and uranium.
In addition, a separate BMI report on the oil and gas sector indicates that Tanzania has also recently surpassed South Africa in its attracting oil and gas investments and ranks alongside countries such as Angola and Mozambique as the most appealing African countries for oil and gas investments.
“The countries have a more appealing environment for investment than South Africa,” says the report.
According to the report, nickel, coal and uranium are expected to become sub-sectors of the Tanzania mining sector by 2018.