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Business development programme key for utilising mining value chain

Business development programme key for utilising mining value chain

The North Mara Gold Mine’s Local Business Development programme is a game-changer for local business development necessary to enhance the contribution of enterprises to economic growth.

North Mara Gold Mine has invested 73 per cent of its spending with local companies, where 44 per cent is comprised of local businesses indicating the firm’s commitment to creating sustainable economic opportunities for the surrounding and broader national economy.

 “The Local Business Development programme is a game-changer in the mining sector supply chain, and we expect the capacity of participating enterprises to improve significantly and exploit the opportunities in the value chain,” Barrick President and Chief Executive Mark Bristow said recently while commenting on the local business development programme.

The programme is being implemented by the North Mara Local Business Development programme in partnership with Kengo Consulting and the College of Business Education (CBE) to improve the capacity of enterprises and exploit opportunities in the value chain.

The transformational programme helps companies with strategies for business improvement and sustainability across sectors but with a focus on mining.

The implementation of such programme by North Mara Gold Mine demonstrates the importance of more mining firms investing in local business development and ensuring that Tanzania’s Development Vision is attained.

It is therefore a task for both government and mining investors to work hand in hand to create an enabling environment and ensure more local firms benefit from opportunities available in the mining sector value chain.

The Dar es Salaam Stock Exchange (DSE) Director of Business Development, Ibrahim Mshindo said that there are over 4 million Tanzanian enterprises, 99 per cent of whom are Small Medium Enterprises and which contributes 35 per cent of the Gross Domestic Product (GDP) and employ 8 million people.

“Enterprises are the engines of the Tanzanian economy, and having structured business development programmes like these are key to unlocking economic growth in Tanzania through enterprise growth.

I commend North Mara Gold mine and Kengo for their commitment incapacitating Tanzanian businesses,” said Mshindo.

Tanzania’s mining sector has evolved over the last few years owing to the government’s continued efforts to attract investors and strengthen the business environment.

This has led to an influx of foreign investors interested in the country’s mining sector.

The development of Tanzania’s vast mineral resources is crucial to the socio-economic development of communities surrounding mining sites and the generation of revenue for the government.

The increase in investment in mining exploration has resulted in the growth in exports of precious metals such as gold, coal and gypsum.

The National Bureau of Statistics (NBS) highlights that the extractive sector experienced a 12.2 per cent increase in the third quarter of 2021, compared to 4.9 per cent growth in the same period in 2020.

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Author: DAILY NEWS Reporter

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