The Ministry of Minerals’ Revenue and Expenditure Estimates for the Financial Year 2024/2025 were presented by Hon. Antony Mavunde, the Minister of Minerals.
Expressing gratitude for the opportunity given to him by His Excellency the President to oversee the Mineral Sector, Minister Mavunde assured the President, the Parliament, and the people of Tanzania that he would fulfill his role with integrity and honesty to advance this crucial sector.
During the budget presentation for the Ministry of Minerals in Dodoma, Minister Mavunde emphasized President Dr. Samia Suluhu Hassan’s commitment to the mining sector.
Under the leadership of the sixth government, the sector’s contribution to the national income had increased from 6.7 percent in 2020 to 9.1 percent in 2022. Minister Mavunde also highlighted the Ministry’s efforts to combat and regulate mineral smuggling. Between July 2023 and April 2024, in collaboration with other government agencies, the Ministry successfully confiscated various minerals worth 3.97 billion shillings.
He further revealed that the number of permits issued to export minerals had increased significantly from 10,318 in 2022 to 11,258 in 2023. This rise was primarily driven by the growing demand for gemstones and coal outside the country.
Additionally, the Ministry issued 115 permits for importing minerals into the country between July 2023 and March 2024 as part of their measures to regulate and control the mineral trade. Minister Mavunde emphasized that the Ministry had implemented numerous initiatives to ensure that strategic minerals contributed to the nation’s prosperity.
These initiatives included conducting research and promoting opportunities related to the country’s mineral resources under the Vision 2030: “Minerals are Life and Wealth” vision.
He highlighted the high demand for strategic minerals in clean and safe energy and other modern technologies worldwide, driven by the global joint resolution to reduce carbon emissions by 2050 (Net Zero Emission).
In terms of gold prices, Minister Mavunde disclosed that the average price per ounce had increased to $2,138.01 from July 2023 to March 2024, compared to $1,854.54 from July 2022 to March 2023.
This increase was attributed to various factors, including the high global demand for the mineral. To further enhance the value of strategic minerals and increase the benefits derived from them, Minister Mavunde announced the establishment of a state-of-the-art mineral refining and value-addition plant called
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