TANZANIA · MINING
Key Facts
- —What is happening STAMICO, Tanzania’s State Mining Corporation, said on Friday 16 October that it plans three new mines, two for gold and one for graphite, after 2025/26 revenue reached TZS 147.8 billion (about US$56.2 million).
- —Why it matters Revenue is about 114 times the 2018/19 level, and the state firm now wants a bigger role in mineral exploration, extraction, processing, value addition and trading.
- —The numbers Revenue was TZS 147.8 billion (about US$56.2 million) against TZS 1.3 billion (about US$0.5 million) in 2018/19, with three mines planned, three fully owned today and 18 drilling rigs bought.
- —Who is who STAMICO is the state mining firm that explores, mines and trades minerals, led by managing director Dr Venance Mwasse, and South Africa’s Plantcor is its partner on the Kigosi gold licences.
- —What to watch A larger coal briquette plant is due to be inaugurated towards the end of October, and a stock exchange listing is a long term goal with no date set.
- —What it means for you No US company is named in the plans, but STAMICO says it is seeking investment partners for its large projects, which could interest foreign funds buying into Tanzanian gold and graphite.
STAMICO plans two gold mines and one graphite mine. Its revenue rose from TZS 1.3 billion (about US$0.5 million) to TZS 147.8 billion (about US$56.2 million).
STAMICO plans three new mines, two for gold and one for graphite. STAMICO is Tanzania’s State Mining Corporation, and its revenue reached TZS 147.8 billion (about US$56.2 million) in 2025/26.
Managing director Dr Venance Mwasse outlined the plan to media editors in Dar es Salaam on Friday 16 October. The Citizen and the Daily News both reported the briefing, which the Treasury Registrar helped organise, The Citizen says.
The Treasury Registrar is the government office that oversees state-owned companies and agencies. It has run a series of such briefings for public bodies, and a similar one for STAMICO took place in August 2023.
What STAMICO Plans Three New Mines Involves
The Daily News quotes Dr Mwasse saying the corporation has planned three major mines, two gold and one graphite. Work on the gold side is under way at Kigosi, where exploration is in its third month of completion.
Kigosi lies in Bukombe District, Geita Region, in north-western Tanzania. STAMICO signed a cooperation agreement there with South Africa’s Plantcor Mining and Plant Hire in February 2026, TanzaniaInvest reported.
The Citizen says the graphite mine would be 100 percent owned by the corporation. It adds that the gold projects are expected to draw wider investment, but neither outlet names the second gold site.
The Citizen also reports that STAMICO has acquired 20 licences for strategic minerals, including some used in industrial and technological applications. The corporation is seeking partners with the capital and technology for projects that need heavy funding.
How STAMICO Revenue Rose to US$56 Million
STAMICO’s revenue was TZS 1.3 billion (about US$0.5 million) in 2018/19 and TZS 147.8 billion (about US$56.2 million) in 2025/26. That is roughly 114 times higher, by newsroom arithmetic, and both outlets give the same two figures.
In August 2023 the Daily News reported revenue of TZS 61.1 billion (about US$23.2 million) for 2022/23. It said STAMICO began paying dividends to the government: TZS 2.2 billion (about US$0.8 million), then TZS 2.5 billion (about US$0.9 million).
Conversions use TZS 2,632.01 per US$1, the open.er-api.com rate of Saturday 17 October 2026 (00:02 UTC). Older amounts are converted at today’s rate, so the US$ values for 2018/19 and 2022/23 are only a rough guide.
STAMICO calls its turnaround strategy “Make STAMICO Shine Again”, known as Mastasha. Dr Mwasse said the aim is to improve commercial results, attract investment and raise Tanzanians’ share of mineral wealth.
What STAMICO Owns and Builds Today
The Daily News says STAMICO fully owns three mines: the Biharamulo gold mine, the Kiwira coal mine and the Chigongwe gravel mine. Biharamulo is in Kagera Region and Chigongwe is in Dodoma Region, while the outlets give different regions for Kiwira.
Beyond mining, the corporation has built five coal briquette plants using Kiwira coal, the Daily News reports. A larger plant is complete and due to be inaugurated towards the end of October, as an alternative cooking fuel.
STAMICO also plans an industrial park at Chigongwe in Dodoma Region to make construction aggregates. It has set up a salt plant in Kilwa District, Lindi Region, and acquired 18 modern drilling rigs for exploration services.
The Daily News adds that a listing on the Dar es Salaam Stock Exchange is a long-term goal. Dr Mwasse said the corporation first needs to strengthen existing projects, consolidate reforms and improve operating capacity to attract investors.
Small-Scale Miners and the Financing Plan
The Citizen reports that small-scale miners’ share of mining sector revenue has risen from 3 percent to 40 percent. STAMICO says it wants to widen their role in mining and in mineral trading.
STAMICO is pursuing a proposal for a bank dedicated to small-scale miners, The Citizen says. Miners lack capital, geological data, technology and markets, it adds, and the idea was discussed with the Bank of Tanzania governor.
Both outlets say STAMICO works with Azania Bank, CRDB Bank and NMB Bank on miner loans. The Citizen adds that a Bank of Tanzania guarantee fund can cover 80 percent of the risk, and the miner 20 percent.
Tanzania Editors Forum chairman Deodatus Balile praised the results but urged STAMICO to use current data and strengthen research. He said Tanzania’s mineral exports averaged US$5.4 billion and that more local processing would create jobs and earn foreign exchange.
What It Means for US Readers
Neither outlet names a US company or a US government role in the three planned mines. The only foreign partner named is South Africa’s Plantcor, on the Kigosi gold licences.
STAMICO says it is seeking investment partners with capital and technology for its biggest projects. That could open Tanzanian mining deals to foreign funds, but no terms, prices or partners have been announced.
The Citizen says STAMICO holds 20 licences for strategic minerals, but neither outlet says where the graphite mine would be. Graphite buyers should treat the plan as an early signal, not a supply commitment.
Rio Times has covered the state’s other mining moves, including a push for local firms to win US$1.9 billion of mining spend. It has also covered Tanzania’s gold reserves of US$3.8 billion, held by the central bank.
What Is Not Known
The figures come from STAMICO’s own briefing as carried by The Citizen and the Daily News. The newsroom found no audited accounts, and the reports give revenue, not profit, so earnings after costs are not known.
Neither outlet gives a cost, a start date or an output target for any of the three new mines. The location of the graphite mine and the name of the second gold project were not reported.
Only The Citizen reports the 100 percent graphite ownership, the 20 licences, the 40 percent small-scale share and the 80 percent guarantee. The newsroom could not confirm these at STAMICO or the Ministry of Minerals, so they are attributed to The Citizen.
The Citizen dates the briefing 16 October, though its report of that day says “yesterday”. The Daily News of Saturday 17 October also says “yesterday”, so Friday 16 October is used, and no STAMICO release was found.
The Kiwira coal mine is placed in Songwe Region by The Citizen and Mbeya Region by the Daily News. The bank for small-scale miners is a proposal only, and no capital, owner or date has been announced.
What Comes Next
The larger briquette plant is due to be inaugurated towards the end of October, the Daily News reports. Exploration at Kigosi is due to finish soon, in the third month of its completion, according to Dr Mwasse.
No dates were given for the graphite mine, the second gold mine or a stock exchange listing. Any investment agreement would have to be announced by STAMICO or the Ministry of Minerals.
Frequently Asked Questions
What is STAMICO?
STAMICO is the State Mining Corporation, the state-owned mining firm of Tanzania, led by managing director Dr Venance Mwasse. It explores, mines, drills and trades minerals and runs coal, gold and gravel operations.
What new mines does STAMICO plan?
It plans three new mines, two for gold and one for graphite, according to the Daily News and The Citizen. Exploration is under way at the Kigosi gold project in Geita Region.
How much revenue did STAMICO report?
Revenue rose to TZS 147.8 billion (about US$56.2 million) in 2025/26 from TZS 1.3 billion (about US$0.5 million) in 2018/19. The reports give revenue, not profit.
Is a foreign company involved?
Plantcor Mining and Plant Hire of South Africa signed a cooperation agreement for the Kigosi gold licences in February 2026. STAMICO is also seeking investment partners for large projects, but names none.
Will STAMICO list on the stock exchange?
The Daily News says a Dar es Salaam Stock Exchange listing is a long-term plan. Dr Mwasse said the corporation must first strengthen its projects, reforms and operating capacity.
Sources: The Citizen, report on STAMICO’s three new mines and revenue, 16 October 2026; Daily News, STAMICO plans three new mines, 17 October 2026; Daily News, How Stamico made incredible revenue rise, 29 August 2023; TanzaniaInvest, Kigosi gold mining project agreement with Plantcor, 26 February 2026; STAMICO, corporate website; open.er-api.com exchange rates (all accessed 17 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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