Predictable policies key to more investments in the mineral sector, says GGM’s Vice President

Friday October 15 2021

Geita Gold Mine, Vice President Simon Shao speaking during the 60 years energy and minerals week symposium.

By Rosemary Mirondo

Dar es Salaam. Geita Gold Mine has said in order for Tanzania to continue benefiting from the mining sector, it is imperative that government continues to set predictable policies that will attract more investments.
Geita Gold Mine, Vice President Simon Shao said that by government continuing to review its extractive laws and policies it sets an unpredictable environment which could adversely affect the sector.
He said this during the 60 years energy and minerals week symposium under the theme growth, challenges and the future of energy and minerals
According to him, it was now time to look at how to align the sector with productive sectors.
"Without stable policies, Multinational Companies will choose not to continue extracting to the end because they are not sure of the investment environment," he said.
He said the mining sector contribution to the country's development was great but this cannot continue without strong policies and despite the country's sufficient resources, foreign capital and expertise were needed.
"If we want to be a leading country that extracts minerals we must give assurance to investors.”
He noted that it was imperative to link productive sectors with the mining sector, saying linking the sectors should be in the policy to achieve positive results and inclusive development.
He also spoke about the contribution of the mining industry in the country during and immediately after the Covid-19 pandemic saying the tourism sector was adversely affected but gold exports remained strong and contributed to the economy.