Tanzania’s state-owned National Development Corporation (NDC) has partnered with the Chinese company Fujian Hexingwang Industrial Co. Ltd to develop the Maganga Matitu iron ore project in the Njombe Region. The agreement, valued at $77.4 million, was signed on August 3 and aims to produce sponge iron as raw material for steel industries.
The signing ceremony took place in the port city of Dar es Salaam and was witnessed by Deputy Prime Minister and Minister for Energy, Doto Biteko. Biteko emphasised that the project is expected to significantly boost Tanzania’s economic growth through industrial development.
NDC Managing Director Nicolaus Shombe provided additional details about the project, which spans an area of 19.63 square kilometres and is part of the larger Liganga iron ore project located in the Ludewa District. Shombe highlighted the project’s potential to create jobs and produce iron essential for numerous infrastructure projects currently underway in Tanzania.
‘The Maganga Matitu iron ore project is one of the major initiatives that will drive economic benefits for the country,’ said Shombe. ‘It will not only create employment opportunities but also supply the much-needed iron for our ongoing infrastructure developments.’
This partnership marks a significant step in Tanzania’s efforts to harness its natural resources to fuel industrial growth and enhance economic stability. The development of the Maganga Matitu iron ore project is expected to play a crucial role in the country’s industrialisation agenda, providing a foundation for further economic advancements.
As Tanzania and China move forward with this project, the collaboration underscores the importance of international partnerships in driving sustainable development and economic progress in the region.
Source: Africabriefing
FOR ADVERT AND NEWS PUBLICATION, EMAIL US @ tarakirivoicenewspaper@gmail.com or call or WhatsApp us on 08160439769
