https://en.sputniknews.africa/20240804/tanzanias-steel-domestic-production-to-slash-imports-by-2027-1067737017.html
Tanzania's Steel Domestic Production to Slash Imports by 2027
Tanzania's Steel Domestic Production to Slash Imports by 2027
Sputnik Africa
Tanzania is rich in natural resources, including oil and minerals. Key mineral products include gold, diamonds, coal, iron, uranium, nickel, and natural gas... 04.08.2024, Sputnik Africa
2024-08-04T19:13+0200
2024-08-04T19:13+0200
2024-08-05T12:59+0200
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tanzania
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Tanzania's National Development Corporation (NDC) signed a $77 million contract on Saturday with Fujian Hexingwang Industry Tanzania Co., Ltd. to facilitate iron ore mining, and it will be located in Ludewa District, Njombe Region.NDC managing director Nicolous Shombe announced that production is expected to start in 2027. Over 300 local residents will begin receiving compensation in January 2025, with $1.56 billion (Sh4.2 billion) set aside for this purpose. Iron ore and coal mining contracts should benefit local communities, Deputy Prime Minister and Energy Minister Dr. Doto Biteko told the local media. He assured residents that the project would significantly improve their lives and noted that the government will own 36% of the project, while investors will hold 64%. The contract mandates that some management positions be held by Tanzanians.Currently, Tanzania spends around $1.22 billion (Sh3.2 trillion) annually on steel imports, making it the second-largest foreign exchange expenditure after oil.
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tanzania, oil, iron, production, domestic policy
tanzania, oil, iron, production, domestic policy
Tanzania's Steel Domestic Production to Slash Imports by 2027
19:13 04.08.2024 (Updated: 12:59 05.08.2024) Tanzania is rich in natural resources, including oil and minerals. Key mineral products include gold, diamonds, coal, iron, uranium, nickel, and natural gas. The country recently discovered substantial oil and natural gas reserves, boosting energy sector prospects.
Tanzania's National Development Corporation (NDC) signed a
$77 million contract on Saturday with Fujian Hexingwang Industry Tanzania Co., Ltd. to
facilitate iron ore mining, and it will be located in Ludewa District, Njombe Region.
NDC managing director Nicolous Shombe announced that production is expected to start in 2027. Over 300 local residents will begin receiving compensation in January 2025, with $1.56 billion (Sh4.2 billion) set aside for this purpose.
Iron ore and coal mining contracts should benefit local communities, Deputy Prime Minister and Energy Minister Dr. Doto Biteko
told the local media. He assured residents that the project would
significantly improve their lives and noted that the government will own
36% of the project, while investors will hold
64%. The contract mandates that some management positions be held by Tanzanians.
Currently, Tanzania spends around $1.22 billion (Sh3.2 trillion) annually on steel imports, making it the second-largest foreign exchange expenditure after oil.
