TANZANIA: STAMICO HELPS BRING UP TIN PRICE

STATE Mining Corporation through its subsidiary Kyerwa Tin Company Limited has raised the price of tin per kg from 12,000/- to 16,000/- bringing new hope to artisanal miners in Ngara District, Kagera Region.

Minister for Energy and Minerals, Professor Sospeter Muhongo said in Dar es Salaam that days of illegal tin exports from neighbouring countries to global markets are over thanks to Stamico's entry into the buying of the mineral.

"Effective today, Tanzania will export its own tin resources to global markets and end years of illegal trading by middlemen," Prof Muhongo said.

He pointed out that neighbouring countries which took advantage of laxity by regulators can no longer find room to exploit artisanal tin miners by offering low prices while earning hard currency without paying a dime in taxes.

"A new dawn has come and Stamico should not repeat past mistakes to happen which denied the country revenue," the minister said.

Stamico has been tasked with new roles including engaging in direct mining, dealership and exploration. Prof Muhongo who has also said decision by the government to pull out of economic productive activity was wrong, has given a similar role to state owned Tanzania Petroleum Development Corporation (TPDC).

Stamico also holds a stake in North West Base Metals a subsidiary of Tanzanian Royalty Exploration Corporation (TRE). In April last year, NWBM announced presence of base metal minerals of tin, tungsten, wolframite and lithium in in Karagwe district.

"The mineralisation is found in the Kyerwa Tin fields of Northwest Tanzania in the Karagwe-Ankolean precambrian belt around mica rich intrusive granites.

The Kyerwa Tin fields are approximately 8 km wide and 48 km long within the Karagwe-Ankolean, phyllite-sericite schist-quartzite, metasediments belt," TRE said in a statement.

The sedimentary features of Karagwe - Ankolean rocks reflect shallow-water deposition; low-grade metamorphism has converted many of these units to sericite schists and quartzites. Mica rich granite complexes intrude rocks of this system, and host tin and tungsten mineralization in veins within alteration haloes which surround the intrusive.

"We are excited to see the results with significant amounts of tungsten and other base metals from a few reconnaissance grab samples collected from different areas on the licence, increasing our confidence in the resource potential for the highly prized base metals these licences in the Kyerwa area may possess," said TRE Chairman and Chief Operating Officer, Joseph Kahama.