{
  "id": 5244611,
  "title": "Tanzania’s Mining Model Is Starting to Pay Off",
  "url": "https://urgent.news/2026/09/01/tanzanias-mining-model-is-starting-to-pay-off-5244611",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-01T17:00:00.000Z",
  "source": {
    "name": "Yahoo Finance",
    "slug": "yahoo-finance",
    "url": "https://finance.yahoo.com/energy/articles/tanzania-mining-model-starting-pay-170000213.html"
  },
  "original_language": "en",
  "account": "In 1967, a Maasai herder named Jumanne Mhero Ngoma discovered unusual violet crystals in the Mereli Hills near Arusha, Tanzania. Ngoma was awarded 50,000 shillings for his discovery, but the rights to sell the mineral were given to Henry B. Platt, a distant relative of Tiffany & Co founder Louis Comfort Tiffany. Platt named the stone Tanzanite and made claims that this gem could only be found in Tanzania and his company's store. Between 1967 and 1971, approximately 2 million carats of Tanzanite were mined in the country, with most of the sales going to Tiffany's. The story of foreign entities profiting from Africa's mineral wealth isn't unique to Tanzania, but the country is now working to rebalance the scales in favor of its own people. Over the past two decades, Tanzania's mining industry has grown rapidly and diversified, with minerals overtaking tourism as the main source of foreign currency. In 2021, mining-related tax and royalty revenue more than doubled. Gold exports grew by 38.2% last year, and mining's contribution to GDP passed 10% for the first time. Recent developments include the mining of mineral sands at Fungoni-Kigamboni and Tajiri, a niobium project at Panda Hill, and the construction of a new processing plant in Tanga. Since 2017, Tanzania has revised its mining laws to ensure both the Tanzanian people and mining companies share in the country's mineral wealth. The Mining Act now grants the government a 16% non-dilutive interest in large-scale mining licenses, while local content rules require Tanzanian firms to hold minimum equity stakes in mining ventures and their service supply chains. President Samia Suluhu Hassan has dubbed this approach \"sovereign pragmatism,\" replacing aid dependence with trade and investment. Tanzania's efforts to improve land titling and judicial efficiency have also made the country a more attractive investment destination. Despite some recent challenges faced by Western-linked graphite projects, Tanzania's mining sector has attracted roughly $3.3 billion in private investment over the last four years. The government's ambition is to keep more of the mineral value chain within its borders, as seen in the case of the Kabanga nickel project, which is nearing a decision to develop a local refinery for battery-grade nickel. While some Western-linked graphite projects have faced delays, Tanzania's mining industry is still attracting investment from various global players. The success of Tanzania's approach lies in its government's willingness to make bold regulatory choices and maintain a long-term perspective. The country's ability to balance international private-sector investment while ensuring value is captured for its people through jobs and additional tax revenue is an impressive achievement.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "OilPrice",
        "title": "Tanzania’s Mining Model Is Starting to Pay Off",
        "url": "https://urgent.news/2026/09/01/tanzanias-mining-model-is-starting-to-pay-off",
        "published": "2026-09-01T17:00:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}