Mirerani to auction Sh3.1 billion worth of minerals

Mirerani. Precious minerals worth Sh3.1 billion are set to be auctioned in Mirerani Ward, Simanjiro District, on December 14, 2024.

The auction will feature 184.06 grams of gemstones and minerals, including Tanzanite.

The government has pledged to return any unsold minerals to respective dealers, a reversal of the policy from the 2017 mineral auction, when unsold stones were confiscated by the Bank of Tanzania (BoT).

The decision follows widespread complaints from miners and dealers after the 2017 auction.

Minerals minister Anthony Mavunde, officially launched the auction in Manyara Region, emphasizing that the government was committed to enhancing the value of locally sourced minerals.

He assured participants that unsold items would not be confiscated, as had occurred in 2017.

"Miners should not worry if their minerals do not sell; the government will return them," said Mr Mavunde.

He also reiterated that the government was working to improve the mining investment climate and curb illegal activities such as smuggling, which undermined the sector's potential.

The minister outlined ambitious revenue goals, including generating over Sh1 trillion for the national fund by June 2025, an increase from the Sh753 billion raised during the 2023/2024 fiscal year.

He reported that the sector had already raised Sh434 billion this year, with a target of Sh500 billion by the end of December.

The auction will feature 195 participants, including 59 major buyers, 120 small-scale buyers, nine miners, and seven value-added product experts.

Manyara Regional Commissioner Queen Sendiga highlighted that the auction would boost the local economy and enhance the value of Mirerani’s minerals.

"The ongoing construction of a new mineral market in Mirerani will also support both small and large-scale dealers once completed," Ms Sendiga added.

Simanjiro Member of Parliament Christopher Ole Sendeka commended the government for bringing the auction to Mirerani, but criticised the stringent security checks that caused delays for participants.

Lucid Dream Ltd Managing Director Upendo Kibona expressed optimism about the auction's potential, noting it would bring together a wide range of sellers and buyers.

Ms Kibona also called for more international auctions, as a long hiatus has hurt mineral trade value.

The Tanzania Mineral Traders Association (Chamata) chairman, Mr Jeremiah Kituyo, welcomed the return of the auction, saying it would help raise the profile of Tanzanian minerals on the global stage.

"This will not only increase the value of our minerals, but also will promote Tanzania as the exceptional home of Tanzanite, attracting international tourists and investors," Mr Kituyo added.