Tanzania-based financial services provider Stanbic Bank Tanzania – a division of the Standard Bank Group – is supporting the growth and diversification of the Tanzanian mining sector by investing in mining projects that will enhance the entire mining ecosystem in the country, including providing support to companies that service mining companies and supporting initiatives such as Saturn Resources’ acquisition of East Africa-focused gold producer Shanta Gold for $150-million.

Acquisitions and mining growth initiatives are important for creating a holistic mining ecosystem in Tanzania, says Stanbic Bank diversified industries and mining and metals VP Edgar Mwasha, adding that Tanzania’s government continues to also support the advancement of the mining industry.

In addition, Tanzania’s government is advocating and encouraging the domestic mining industry to enhance its in-country beneficiation to ensure value addition to minerals and greater diversification of minerals mined, as this will contribute to employment opportunities for Tanzanian citizens.

Tanzania’s government has also implemented a directive that its mining sector stakeholders procure some services from 100%-Tanzanian-owned companies, which will empower local companies to upscale and expand their services to meet greater demand from mining corporations, and improve their businesses overall, he highlights.

“Support towards local corporates is one of Stanbic Bank Tanzania’s key strategies. We have witnessed a lot of success by supporting businesses in sectors such as fast-moving consumer goods and some agricultural stakeholders, and our plan is to replicate this in the mining sector,” notes Mwasha.

Stanbic Bank Tanzania is also providing support to stakeholders in the Tanzanian mining industry who want to progress towards minerals associated with the energy transition, which he says is an increasing trend as the country aims to reduce reliance on gold and diversify into investment in other minerals, such as nickel.

However, Mwasha notes that gold still remains the greatest contributor to Tanzania’s GDP.

“Gold has also become the country’s largest foreignexchange earner, generating circa $4-billion in export flows in 2025. At the same time, government revenue from mining has surged 100% above target between July and December 2025, reflecting the impact of policy reforms and stronger oversight in the sector.

“Altogether, gold mining has not only strengthened fiscal stability but also deepened local economic participation, making it one of Tanzania’s most transformative growth drivers,” he says.

Despite global minerals market tensions owing to the US-Israel conflict with Iran, the Tanzanian mining industry is likely to maintain its high levels of activity in the gold mining sector, as well as diversify into graphite, iron-ore and nickel.

Modernisation of Sector

There is also an increasing integration of automation, AI and digital tools for the optimisation, efficiency and safety of various processes within the mining industry, states Mwasha. This includes integration of advanced mapping technologies for seamlessly identifying mineral deposits for better investment decision-making, as well as remote-operated drilling systems for improving worker safety through reduced exposure to underground mining operations.

“These technologies will make diversification and enhanced gold mining a possibility,” he adds.

“Tanzania’s Vision 2050 positions mining as a key engine of industrialisation, driven by value addition, critical minerals development and strengthened local capacity. The country’s vast mineral endowment and increasingly stable, reformled governance framework make it an ideal destination for investment.

“As a leading financial partner, Stanbic Bank will continue to leverage its deep experience and sector expertise to provide tailored solutions across the entire mining value chain,” he concludes.