Mirerani Set for Major Mineral Auction Worth Sh3.1 Billion on December 14, 2024
Mirerani Ward in Simanjiro District is gearing up for a significant mineral auction scheduled for December 14, 2024, featuring precious minerals valued at Sh3.1 billion. The auction will showcase 184.06 grams of gemstones and minerals, prominently including Tanzanite.
In a notable policy shift, the government has announced that any unsold minerals will be returned to their respective dealers. This marks a reversal from the 2017 auction policy, where unsold stones were confiscated by the Bank of Tanzania.
This decision comes in response to widespread complaints from miners and dealers following the previous auction. Minerals Minister Anthony Mavunde launched the auction in Manyara Region, reaffirming the government’s commitment to enhancing the value of locally sourced minerals. He assured participants that minerals not sold during the auction would not be confiscated.
"Miners should not worry if their minerals do not sell; the government will return them," said Mavunde. He also highlighted efforts to improve the mining investment climate, addressing illegal activities such as smuggling that hinder the sector’s growth.
The government aims to generate over Sh1 trillion for the national fund by June 2025, significantly increasing from the Sh753 billion raised during the fiscal year 2023/2024. The sector has already raised Sh434 billion this year, targeting Sh500 billion by the end of December.
The auction is expected to attract 195 participants, including 59 major buyers, 120 small-scale buyers, nine miners, and seven experts in value-added products. Manyara Regional Commissioner Queen Sendiga emphasized that the event would boost the local economy and enhance the value of Mirerani’s minerals.
Additionally, the construction of a new mineral market in Mirerani is underway, which is anticipated to support both small and large-scale dealers upon completion.
Simanjiro Member of Parliament Christopher Ole Sendeka praised the government’s initiative to host the auction in Mirerani but raised concerns over stringent security checks that have led to delays for participants.
Upendo Kibona, Managing Director of Lucid Dream Ltd, expressed optimism regarding the auction’s prospects, noting the diverse range of sellers and buyers that it would attract. Kibona also highlighted the need for more international auctions to revive and enhance mineral trade value.
Jeremiah Kituyo, chairman of the Tanzania Mineral Traders Association (Chamata), welcomed the auction’s return, emphasizing that it would elevate the profile of Tanzanian minerals globally. "This will not only increase the value of our minerals, but also promote Tanzania as the exceptional home of Tanzanite, attracting international tourists and investors," Kituyo stated.
