LINDI, TANZANIA - The State Mining Corporation (Stamico) has announced a breakthrough solution to the longstanding issue of limited credit access for small-scale miners. This development comes after the organization entered into agreements with five financial institutions to provide loans to these miners. The initiative aims to enable miners to purchase modern equipment, expand their businesses, and contribute to individual and national economic growth.
The announcement was made by Stamico's Public Relations Officer, Bibiana Ndumbaro, at the seventh Annual Tanzania Editors Forum (TEF) held in Lindi. Ndumbaro stated that the agreements with these five banks, including NMB, KCB, CRDB, and Azania, would facilitate small-scale miners in applying for loans. Stamico will provide necessary information to these institutions to streamline the loan acquisition process.
"We are primarily working with NMB, KCB, CRDB, and Azania banks to help small-scale miners achieve their goals. Our natural resources should assist us in making economic progress," Ndumbaro said.
Ndumbaro further revealed that Stamico is committed to providing a lasting solution to credit accessibility for small-scale miners by overseeing the establishment of a Miners' Bank. Preparations for this new venture have already commenced.
In addition to financial support, Stamico has enhanced the management of its projects, making them revenue-generating rather than cost-centers. Ndumbaro highlighted improvements in the production of alternative cooking energy, mentioning the introduction of two large plants capable of producing 20 tons per hour each. These plants, to be installed in the Pwani and Songwe regions, will increase the availability of this energy source to more citizens.
Furthermore, Stamico has played a pivotal role in establishing a gold refining plant in Mwanza, which has significantly increased the value of the mineral, thereby boosting employment and technological advancement in Tanzania.
Ndumbaro emphasized that through joint venture projects, Stamico ensures the transfer of technology and job creation for Tanzanians. The organization continues to provide practical technology education to small-scale miners, with plans to establish a model center for salt miners in Lindi to ensure the production of high-quality salt for both local and international markets.
At the event, small-scale miner Abdul Jamal voiced concerns about equitable loan distribution, noting the challenges faced by miners without collateral. Christina Peter expressed optimism that the establishment of a Miners' Bank would be a more effective financial solution than relying on external institutions. "Just like teachers and farmers have their own banks, it’s high time for us miners to have ours," she stated.