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Tanzania's mining sector boosted by gold exports – Business Leaders

September 25, 2012 No Comments »

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Gold exports have boosted Tanzania’s mining sector which now accounts for 4.6 percent of the country’s Gross Domestic Product (GDP).

It is thought this figure could rise substantially in future years and is on target to contributing at least 10 percent of Tanzania’s GDP by 2025.

However, in order to secure the 2025 target the mining sector will need significant investment.

The figures were revealed by Joseph Kahama, chairman of the Tanzanian Chamber of Minerals and Energy.

He said: "In total the mining sector contributes 4.6 percent to GDP each year but this could rise considerably in future years. We are optimistic to reach the targeted goal of contributing at least 10 per cent  of GDP by 2025."

It is hoped if the sector can achieve this target it will go a long way to boosting Tanzania and making it a middle income economy.

Mining investments are proven to create quality jobs, catalyse secondary industries, increase tax payments and build infrastructure, all of which are much needed to alleviate poverty and promote economic growth.

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The Tanzania Chamber of Minerals and Energy was established in 1994 and represents the interests of some 60 members in the mining sector.

It acts as voice for the industry and plays a pivotal role within the sector as a mediator between the mining investment community and key stakeholders, most notably the Government of Tanzania and the public.

Tanzania is the fourth largest gold producer in Africa after South Africa, Ghana and Mali..

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