Tanzania secures $667 million deals with Australian companies to expand its mining industry

On Monday, three Australian companies and Tanzanian officials signed contracts for the extraction of graphite and rare earths totaling $667 million. The framework agreements are a component of Tanzanian President Samia Suluhu Hassan's initiative to boost the contribution of the mining industry to the nation's GDP to at least 10% by 2025. The government is still optimistic, as joint venture agreements were just inked with three Australian businesses: Evolution Energy Minerals, Eco Graf Ltd., and Peak Rare Earths Ltd., with the goal of establishing Tanzania as a supplier of crucial and strategic minerals. The contracts were signed with Evolution Energy Minerals, EcoGraf Ltd., and Peak Rare Earths at a ceremony in Dodoma. Tanzanians expect that these projects will soon begin to be implemented and help the country's economy. Hassan said. The president also stated that the expansion of the mineral sector was in keeping with the administration's economic integration policy, with the involvement of artisanal miners increasing from 20% to 40% in the last two years. “The government will continue to raise its investment in the sector, including improving the speed of electrification of areas operated by artisanal miners so they can use modern mining equipment and improve their efficiency and productivity,” she said, urging the artisanal miners to avoid engaging themselves in mineral smuggling. According to the leader of the government's negotiation team, Palamagamba Kabudi, Tanzania will have a 16% share in each of the projects.