Tanzania to rake $95.7 million annually from graphite industry
The Government of Tanzania is set to rake in millions of dollars from the graphite industry in the country that has been forecast to be a major pillar annually to bring in revenues to the government. The mining sector has grown in the country, despite the reports that investors and miners are concerned about the nature of the mining sector not only in Tanzania but East Africa region in general.
With the mining deposits in the country, it is believed that Tanzania will become one of the largest source of graphite in the mining sector. Plans are underway to take advantage of the graphite deposits to achieve the country’s goals and objectives, cutting the chunk slowly.
Mahenge Liandu graphite project, which is the fourth largest graphite project in the world, located in south-east Tanzania will play a major role once the plant is up and operational. The graphite resource is just one of many discoveries across the country that will spur the country’s economy in the future.
In December 2016, the minerals resource of Mahenge project had increased to 203mt. This was a record 25% increase as revealed by Australian company Black Rock Mining.
The resource will offer a number of job opportunities for the citizens who would work at the plant and mine itself. This will reduce the high dependency rate in the country as job insecurity has become a rampant scenario crippling the moving forward of the country’s economy.
With the high potential the mining industry has, there will be a number of developments in infrastructure and business investments. Innovation and technology to keep the sector alive and kicking will propel the technological era in the country. The revenue from the resource would be indeed used to fund internal projects and support other developments.