Stamico is only mining tool in Tanzania that can shoot the national economy if utilized properly.

 

State Mining Corporation (STAMICO), a wholly-owned Government enterprise under the Ministry of Energy and Minerals, was established through the Act of Parliament in 1972 under the Public Corporations Act, 1969.

STAMICO became operational in 1973 and was established to perform mining activities. In line with new Policy, the new Mining Act, 2010 has sections which provide for free-carried interest in mining ventures for the Government. STAMICO is earmarked to oversee the Government interests. Stamico it has 44 years old now with negative cash flow in every year since formation in the country of rich and abundance of natural resources.

This state owned mining company dilute the meaning of that Tanzania is a blessed rich land by almighty God. As matter of fact currently Stamico own several exploration and mining project, some of mining project are Kabulo Coal mine, Biharamulo Gold mine and two mines in joint venture that are Tanzanite mine and Bucreef redevelopment mine.

But all of these mines, not even single mine can be grouped into larger scale mine. This is a key indicator that the state owned mine is mining in a medium scale only.

It high time for Tanzania government to refine the organ into international standard by pouring capital and new working structure and techniques as to be alternative to the national as source of revenue and not only as watchdog in the mining industry.

The best point is that Stamico surrounded by best employee of highly trained and experienced in every angle of the mining industry but whatever good the plan is, it need a lot of money to be implement. This is the key problem of Stamico, because surrounded by rich mineral deposit but no money to develop the resources into economic meaning.