Revenues From Tanzania’s Minerals Sector Raises For Over 76.80bn/- Within One Year
By Senior Writer, VALENTINE OFORO
REVENUE collections from the Tanzania’s minerals sector has substantially increased for over 76.80bn/–during the period between 2022/23 and 2023/24.
During 2022/23, the sector contributed at least 678.7bn/- to the state coffer, whereby in a period from July 2023 to June 30, 2024, the sector netted a total of 753.8bn/- revenues.
The impressive trend in the revenue collections across the country’s mining corridor has been unveiled this afternoon (Sunday, 28 July, 2024) in Dodoma Capital City by the Minister of Minerals, Mr Anthony Mavunde.
“I am happy to announce that the ministry of minerals has successfully managed to collect a total of 753.8bn/- revenues in a period from July 2023 to June 30, 2024,”
“The amount which collected through the Tanzania Mining Commission (TMC) represents at least 85.4 percent of the revenues collection target set by the ministry during the period,” Minister Mavunde.
He added that the collected revenues was an increase of over 76.80bn/- compared to the revenue figures collected during 2022/23, which was 678.7bn/- , whereby the target was however to collect at least 822bn/-.
He said the parent ministry projected to collect a total of 882.1bn/- revenues during 2023/24, to be raised from diverse statutory financial sources in the sector.
These, according to Mr. Mavunde, include royalties, mining license fees, minerals audit fees, geological survey fees, laboratory services fees, as well as payments from different penalties towards the defaulters in the sector.
“The amount collected is an increase of over 76.80bn/- compared to the revenue figures collected during 2022/23 which was 678.7bn/- , whereby the target was however to net at least 822bn/-,” minister Mavunde said.
The Minister stated that from 2019/20 to 2023/24 financial year, revenue collections in the country’s mining sector has keep on witnessing encouraging annual growth, the development which signaling optimisms that that the set target of collecting 999.98bn/- in the next fiscal year of 2024/25 will see the light of the day.
Formerly, minister Mavunde said due to some challenges, the parent ministry used to collect low revenues compared to the current trend.
“For instance, during 2015/15, the ministry targeted to collect a total of 209.1bn/-, but only 168.4bn/- was netted, and during 2015/16, revenues collection targets was set at 211.9bn/-, and the figure which was finally collected was at 207.9bn/-,” he informed.
He said the impressive development in the revenue collections from the key economic sector was attributed by numerous players in the sector, including the small, middle, and large scale miners, traders as well as the relevant traders.
“I would like to thank all players in the country’s mining sector for their effective and patriotic cooperation and contributions towards the economic sector in the country,” he said.
Together with that, lashed out at some unfaithful traders who are implicating themselves into the negative habit of smuggling minerals outside the country, saying the negative practices is sabotaging the country’s economy.
“The ministry is working to detect all those who are sabotaging the sector and will similarity take punitive actions against them,” he warned.
In another development, the government has issued a ban on foreign mining firms, and individuals to operate under the umbrella of small scale licenses holders.
“There has been a tendency for small mining license holders to enter into informal agreements with foreigners and allow them to work in their licenses. It should be noted that licenses for small-scale mining are issued only to Tanzanians in accordance with Article 8(2) of the Mining Law, Chapter 123,” he said.
About The Author
