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Tanzania to develop its first iron ore project, backed by Chinese investment-有色金属展-铜材展-2025年广州国际有色金属工业（铜业）展览会 -The 25th China(Guangzhou) Int'l Non-Ferrous Metals (Copper) Exhibition
8/12/2024 non-ferrous metals expo-copper exhibition |
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Dr. Nicolaus Shombe, director general of Tanzania''s state-owned National Development Corporation (NDC), has announced thatNDC and China-based Fujian Hexingwang have signed an agreement to develop the country''s first iron ore project, in which theChinese company will invest $77.4 million.
Within the scope of the Maganga Matitu proiect in the Niombe region, Fuian Hexinowang wll build an iron ore mine with a capacityof 1 milion mt per vear. along with a raw iron refinery. A study that had been carried out in 2020 revealed that Maganga Matitu has101 million mt of iron ore reserves.
The proiect will not only pave the way for economic growth in the Niombe region, but also for the whole country, and with the helpof the project, Tanzania wilbe able to start producing its own steel locally,. Even though domestic steel demand is high, it is metsolely by imports.
Additionaly, the Tanzanian government, NDC and the Chinese company wil build a joint venture to ensure transparency in theoperation of the project. in particular, Fuian Hexingwang will hold 64 percent of the shares in the project, while NDC and thegovernment will own 20 percent and 16 percent, respectively.
有色金属展-铜材展-2025年广州国际有色金属工业（铜业）展览会
-The 25th China(Guangzhou) Int''l Non-Ferrous Metals (Copper) Exhibition
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