Wednesday May 13, 2015, 9:22am PDT
Mining.com reported that the World Bank will be lending Tanzania $45 million to help the country improve its mining sector, with a focus on small-scale producers.
As quoted in the market news:
"The funds will help to create a viable domestic mining industry in poor, rural areas where unregulated artisanal and small-scale mining takes place, Philippe Dongier, the bank’s country director for Tanzania, said in a statement.
The additional financing will build on the success of the ongoing Sustainable Management of Mineral Resources Project (SMMRP), which — according to the bank — has strengthened government capacity to manage the sector and improved the regulatory framework. Additionally it has expanded Tanzania’s coverage by geological surveys and enhanced the social and environmental management framework for mining, said Dongier.
Before multinationals arrived in Tanzania, small-scale miners largely conducted the extraction of minerals in the country.