Tanzania's minerals minister has urged African countries to mobilise domestic funding for mineral exploration, processing and refining rather than depending heavily on foreign capital. Anthony Mavunde made the call while chairing a ministerial session at the Mining in Motion 2026 conference in Accra, Ghana, which focused on how to finance Africa's mineral development from exploration through to refining.
Mavunde said stronger domestic financing mechanisms would allow countries to develop strategic mineral projects, expand local industries and retain more value from their natural resources. He emphasised that mobilising domestic capital requires firm policy decisions, political commitment and cooperation between governments, financial institutions and the private sector. Tanzania has already taken steps in this direction by establishing a mechanism to allocate 10 per cent of revenue from the mining sector to detailed geological surveys aimed at identifying mineral deposits and expanding exploration.
The minister noted that only about 16 per cent of Tanzania's land area has undergone detailed geological exploration, pointing to significant potential for further discoveries and investment. He stated that the allocation of 10 per cent of mining revenue to exploration represents an important move towards reducing dependence on donor funding and enabling Tanzania to finance research into its mineral resources using domestic revenue. Financing should extend beyond exploration and extraction to include mineral processing and refining industries, Mavunde said, as these could create jobs, develop technical skills, broaden economic activity and increase export earnings from value-added products.
Tanzania's local content policy was highlighted as a key tool for increasing Tanzanian participation in the mining industry, particularly through the supply of goods and services to mining operations. Mavunde said efforts to promote locally manufactured mining supplies and strengthen the capacity of Tanzanian companies would help domestic businesses benefit from opportunities generated by the sector. Conference participants also discussed public-private partnerships, innovative financing mechanisms and infrastructure investment as important tools for developing Africa's mineral industries, along with regional cooperation and opportunities under the African Continental Free Trade Area.
For savers, borrowers and investors in Tanzania, stronger domestic financing for mining could create jobs, develop technical skills and increase export earnings, though success depends on implementing the policy mechanisms outlined by the government.