- Feb 10, 2006
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WORLD BANK ALLOTS US$50 MILLION FOR TANZANIA'S MINERAL SECTOR
June 18, 2009
Tanzania will receive US$50 million from the World Bank to help strengthen its mineral sector. Categorized as part of the bank's International Development Association line of credit, the monetary assistance will help support implementation of the Sustainable Management of Mineral Resources Project (SMMRP), reports East African Business Week.
The project aims to strengthen the Tanzanian government's management of its mineral sector, to improve socio-economic impacts of the country's large- and small-scale mining, and to enhance private local and foreign investment. Specifically, the project will ensure transparency of the mining legal and regulatory framework, help the government sustain mining-sector development and investment and that they conform to international good practices, according to East African Business Week, which also reports that the project will also help Tanzania to implement the Extractive Industries Transparency Initiative (EITI).
Tanzania is home to the open-pit Williamson Diamond Mine, a joint venture between Petra Diamonds (75 percent share) and the government of Tanzania (25 percent share). The mine is estimated to still contain a total of 40 million carats. The country is also considered the third largest gold producer in Africa.
Source: Diamond Intelligence Online
June 18, 2009
Tanzania will receive US$50 million from the World Bank to help strengthen its mineral sector. Categorized as part of the bank's International Development Association line of credit, the monetary assistance will help support implementation of the Sustainable Management of Mineral Resources Project (SMMRP), reports East African Business Week.
The project aims to strengthen the Tanzanian government's management of its mineral sector, to improve socio-economic impacts of the country's large- and small-scale mining, and to enhance private local and foreign investment. Specifically, the project will ensure transparency of the mining legal and regulatory framework, help the government sustain mining-sector development and investment and that they conform to international good practices, according to East African Business Week, which also reports that the project will also help Tanzania to implement the Extractive Industries Transparency Initiative (EITI).
Tanzania is home to the open-pit Williamson Diamond Mine, a joint venture between Petra Diamonds (75 percent share) and the government of Tanzania (25 percent share). The mine is estimated to still contain a total of 40 million carats. The country is also considered the third largest gold producer in Africa.
Source: Diamond Intelligence Online
