New Materials market report from Business Monitor International: "Tanzania Mining Report Q1 2014"
Boston, MA -- (SBWIRE) -- 01/09/2014 -- The Tanzanian mining industry will experience stagnation over the forecast period to 2017. This will largely be a result of minimal gold production growth. Although gold is the current mainstay of the sector, there are plans to diversify into nickel and uranium production in the long term. The mining industry is relatively small in terms of value, but its importance is highlighted by the fact that mining earns a significant share of the country's export revenues. Major foreign investors in Tanzania's mining sector include African Barrick Gold and AngloGold Ashanti.
Tanzania is home to significant deposits of coal, cobalt, copper, diamonds, gold, nickel, silver and uranium. The country has long been a producer of gold (and is currently Africa's fourth largest producer) and diamonds. In the long term we also expect coal, nickel and uranium production to become sub-sectors of Tanzania's mining sector. However, over our forecast period to 2017, weak commodity prices will precipitate stagnant gold production and are likely to delay potential new projects.
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