(Bloomberg) — Tanzania is in the final stages of approving a permit for the country’s first rare earths mine to Australian company Peak Resources Ltd. as the government seeks a bigger share of revenue from natural resources.
The state is also finalizing a gold-mining license for another Australian company, OreCorp Ltd. at the Nyanzaga project in the northwest of the country, according to Mining Minister Doto Biteko.
The East African nation is Africa’s fourth-biggest producer of the precious metal and plans to increase mineral earnings by at least a third during the next three years. It also has vast deposits of coal, rare-earth metals, iron ore and gemstones.
“The government is in the final stages of awarding a special mining license to PR NG Minerals for it’s Ngualla Rare Earth Project,” Biteko said in an emailed response to questions. The company is a subsidiary of Australia-listed Peak Resources.
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