Saudi Gold Refinery is considering a major investment in Tanzania’s mining sector, with the company planning to undertake mineral exploration before moving into large-scale mining, its senior official has said.
The development follows a meeting between Minister for Minerals Anthony Mavunde and Saudi Gold Refinery Vice Chairman Faisal Alothaim in Dodoma yesterday, during which they discussed Tanzania’s investment climate and opportunities in the mining industry.
Mr Mavunde assured the Saudi investor that the government had continued to improve the investment environment, saying the country’s extensive mineral resources presented opportunities across various areas of the mining value chain.
He said the government was committed to ensuring that investors operate in a predictable and supportive environment while complying with Tanzania’s laws and regulations.
Mr Alothaim thanked Tanzania for organising the Tanzania-Saudi Arabia Business Forum, saying the initiative had opened new avenues for economic cooperation between the two countries.
He said Tanzania had demonstrated a favourable investment environment and that Saudi Gold Refinery was interested in exploring opportunities in the country’s mining sector.
“Our company is ready to undertake detailed exploration and, based on the findings, consider significant investment in mining in accordance with Tanzania’s laws,” Mr Alothaim said.
The planned exploration could provide the company with an opportunity to assess Tanzania’s mineral potential before determining the scale and nature of any future mining investment.
The talks are part of growing efforts to strengthen economic ties between Tanzania and Saudi Arabia, with investment in the mining sector emerging as one of the areas with potential for increased cooperation.
For Tanzania, attracting investors capable of supporting exploration, mining and mineral value addition remains important as the country seeks to maximise the economic benefits of its mineral wealth.
The government has increasingly emphasised investment that supports value addition and contributes to job creation, technology transfer and increased government revenues while ensuring that mining activities are conducted within the country’s legal framework.
