BY POLYCARP MACHIRA
11th October 2015, THE GUARDIAN TANZANIA ON SUNDAY
Minister for Energy and Minerals, George Simbachawene
The
government plans to establish a mineral bank that will, among other
things, provide financial support to small-scale miners in the country.
Minister for Energy and Minerals, George Simbachawene, told The Guardian yesterday that the bank will aim to support artisanal miners who lack access to bank loans to enable them become large-scale miners.
He said a number of banks operating in the country were unwilling to support mining sector operations.
“The mineral bank will have experts in the mining sector aware of its demands and nature,” he said, adding that the bank will also help miners secure markets because it will know the market for various minerals.
Speaking on the sidelines of granting contracts to small-scale miners who benefited from government loans through the Tanzania Investment Bank [TIB], the minister said the government was committed to helping small-scale miners.
The bank is to be housed in the yet to be built Arusha-based Madini House.
The building site and plan are already in place, with the construction designed to allow choppers to land on its rooftop to enhance security to mineral traders.
Madini House will also accommodate government agencies including Tanzania Revenue Authority (TRA).
Tanzania has approximately four million miners with only 1500 to 1700 of them in the mainstream mining activities, thus the need to have plans to assist the remaining group.
Establishment of the bank is the government’s response to an earlier appeal from the Federation of Miners Association of Tanzania (FEMATA) for the state to help in the establishment of the bank and construction of the house.
The bank to be established, according t the minister, will also help regulate the prices of precious resources.
FEMATA President John Bina said here that Tanzania should borrow a leaf from countries such as Ghana and China who had such facilities.
Earlier, the miners had asked the government to allow them to have an annual mineral celebration, such a a Mineral Week or Day.
Mid this week, some 111 artisanal miners, through the Multi-Stakeholder Partnership Initiative (MSPI) launched last year by the government and the World Bank Group (WBG), received Sh7.2bn support from a local bank, Tanzania Investment Bank (TIB), to support mining-related activities countrywide.
Minister for Energy and Minerals, George Simbachawene, told The Guardian yesterday that the bank will aim to support artisanal miners who lack access to bank loans to enable them become large-scale miners.
He said a number of banks operating in the country were unwilling to support mining sector operations.
“The mineral bank will have experts in the mining sector aware of its demands and nature,” he said, adding that the bank will also help miners secure markets because it will know the market for various minerals.
Speaking on the sidelines of granting contracts to small-scale miners who benefited from government loans through the Tanzania Investment Bank [TIB], the minister said the government was committed to helping small-scale miners.
The bank is to be housed in the yet to be built Arusha-based Madini House.
The building site and plan are already in place, with the construction designed to allow choppers to land on its rooftop to enhance security to mineral traders.
Madini House will also accommodate government agencies including Tanzania Revenue Authority (TRA).
Tanzania has approximately four million miners with only 1500 to 1700 of them in the mainstream mining activities, thus the need to have plans to assist the remaining group.
Establishment of the bank is the government’s response to an earlier appeal from the Federation of Miners Association of Tanzania (FEMATA) for the state to help in the establishment of the bank and construction of the house.
The bank to be established, according t the minister, will also help regulate the prices of precious resources.
FEMATA President John Bina said here that Tanzania should borrow a leaf from countries such as Ghana and China who had such facilities.
Earlier, the miners had asked the government to allow them to have an annual mineral celebration, such a a Mineral Week or Day.
Mid this week, some 111 artisanal miners, through the Multi-Stakeholder Partnership Initiative (MSPI) launched last year by the government and the World Bank Group (WBG), received Sh7.2bn support from a local bank, Tanzania Investment Bank (TIB), to support mining-related activities countrywide.
SOURCE: GUARDIAN ON SUNDAY
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