Stamico

State Mining Corporation (STAMICO), the state investing wing in mining, says it is eyeing more prospecting licenses to elevate the government stake in the mining sector.

Presently, the government is in the final stage of drafting a three-year corporate strategic plan that includes new management structure. This follows the completion of business analysis, an important document in writing a business plan.

The STAMICO Director of Mineral, Production and Marketing, Mr Lola Mwanga said in Dar es Salaam on Tuesday that apart from its current 15 licenses, the corporation wants to increase its mineral rights to maximise the country’s ownership in minerals.

”The corporation will acquire more mineral rights for various metals, including minerals and rare earth metals,” Mr Mwanga said at the on going exhibitions of the Ministry of Energy and Minerals and its institutions to mark the 50 years of the country’s independence.

STAMICO has managed to enter into joint venture with a Canadian firm TanZam 2000 which takes over the Buckreef Gold Mine under which STAMICO owns 45 per cent of the mine’s stake.

”The firm is now doing an investment study, which started at the end of last year and is scheduled to last two years,” Mr Mwanga said.

The mine’s previous owner IAM Gold of Canada decided to not continue with exploration due to limited funds after investing 40 million US dollar in 2006. Last month, again the government handled over the abandoned Buhemba Gold Mine to STAMICO in a bid to rejuvenate the mine by finding a strategic investor.

The Director named other projects which the corporation has entered into JV as Itetemia in Kahama with Canadian firm TanCan. The project has prospects of over 500,000 ounces of gold. The other project, Mahene Gold Mine, also in Kahama with TanZam 2000 is at exploration stage.

Others are Kabulwanyele Maganeses Prospects with a Republic of Korean firm and Uranium prospects in Mbeya and Dodoma with TanMin Mining Company, which is still at exploration stage.

Meanwhile, STAMICO and Elgin Engineering and Channel Construction of Durban South African have formed a joint Strategic Engineering Services Agency (SESA) to specialise in machine tools fabrication, foundry outfit for mining, petrochemicals, agro-business, marine and power generation.

SESA is set to serve mining firms, railways and heavy manufacturing companies such as cement firms and the like in fabricating machine spare parts and other related tools.

By ABDUEL ELINAZA, Tanzania Daily News

Do you have a story or an article to publish? Please email us to submit@in2eastafrica.net.