GEITA: Access to financing for mining equipment could help small and medium-scale miners reduce their reliance on hired machinery and strengthen their operations, Deputy Minister for Minerals Dr Steven Lemomo Kiruswa has said.
Dr Kiruswa made the remarks after visiting the Equity Bank Tanzania stand during the ninth National Mining Technology Exhibition at the Dr Samia Suluhu Hassan grounds in Geita Municipality.
He commended the bank for providing financing that enables miners to acquire machinery such as excavators, crushers, haulage trucks and drilling rigs.
“I have heard that you provide financing for equipment and machinery, including excavators, crushers, trucks for transporting sand and drilling rigs. Congratulations for supporting miners,” Dr Kiruswa said.
The financing comes as miners continue to seek ways to improve production capacity and reduce operational challenges associated with depending on hired equipment.
Equity Bank Tanzania Head of Middle Market, Retail and Personal Banking Theresia Mayanie urged miners to consider owning key equipment as part of strengthening their businesses.
She said the bank’s financing allows eligible miners and businesses to acquire equipment and machinery without paying the entire cost upfront.
“This enables miners to strengthen their operations while preserving cash for other essential business needs,” Mayanie said.
She said applicants must meet various requirements, including demonstrating the ability to repay the financing.
Applicants may also be required to have an active Equity Bank account for at least three months, 12 months of bank statements where applicable and audited financial statements covering three years where required.
Mayanie said access to financing could provide working capital for day-to-day operations, help businesses meet essential costs and improve cash flow.
She said repayment periods can extend to 36 months, depending on the purpose of the financing, with the amount and structure of funding determined by the applicant’s business needs and financial capacity.
She cited operational expenses that miners could finance through working capital, including fuel, explosives, salaries, reagents and spare parts.
“Keep your mine running without interruption. We provide working capital for fuel, explosives, salaries, reagents and spare parts,” she said.