A South African bank has shown interest to enter into a joint venture with State Mining Corporation (Stamico) for construction of a cement plant at Mikindani in Mtwara Region.
Stamico Acting Board Chairman Ramadhan Hatibu, said the company had held talks with NEDBANK Capital Investment Banking officials who expressed their willingness to invest in mineral and energy sectors.
“Preliminary studies have already been conducted at the area but further work needs to be done to determine the actual reserves,” said Mr Hatibu referring to the Mikindani limestone covering an area of 25.71km2.
Mr Hatibu said the bank would provide expertise, funds and equipment to facilitate prospecting of minerals in the country as well as help small scale miners.
A high ranking delegation from the Johannesburg-based NEDBANK held talks with officials in the Ministry of Energy and Minerals yesterday to discuss investment opportunities in the sectors.
“We have had productive talks and we are now looking forward to exploring mining and energy potentials existing in the country,” said NEDBANK’s capital investment banking expert Siphiwe Diliza Cele.
The country’s mining sector accounts for roughly 3.3 per cent of total GDP.