Joseph Isangura
An auction of precious minerals, including Tanzanite, valued at Sh3.1 billion is set to take place in Mirerani Ward, Simanjiro District, on December 14, 2024.
The event will feature 184.06 grams of gemstones and other minerals and aims to enhance the economic value of locally sourced resources.
Minerals Minister Anthony Mavunde officially launched the auction in Manyara Region, assuring miners and dealers that the government would not confiscate unsold minerals. This marks a shift from the 2017 auction policy, where unsold stones were seized by the Bank of Tanzania. “Miners should not worry if their minerals do not sell; the government will return them,” Minister Mavunde emphasized.
The government aims to improve the mining investment climate and address illegal practices such as mineral smuggling. Minister Mavunde outlined an ambitious goal of generating over Sh1 trillion in mining revenue by June 2025, up from Sh753 billion during the previous fiscal year. The sector has already raised Sh434 billion this year and aims to hit Sh500 billion by the end of December.
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The auction will bring together 195 participants, including 59 major buyers, 120 small-scale buyers, nine miners, and seven value-added product experts. Manyara Regional Commissioner Queen Sendiga highlighted that the auction would bolster the local economy and elevate the value of Mirerani’s renowned minerals.
The event reflects the government’s commitment to supporting artisanal and large-scale miners while ensuring the equitable distribution of economic benefits from Tanzania’s rich mineral wealth. Participants and stakeholders hope the auction will set a new standard for transparency and economic impact in the mining sector.
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