Tanzania to Earn an Estimated $8.5 Billion from Graphite Mine

The Tanzanian government intends to earn $3.6 billion for a graphite mine constructed and operated by the Faru Graphite Corporation in the town of Mahenge in the southern part of the country. According to Daily News, the Tanzanian government will own 16% of Faru Graphite Corporation, while British company Black Rock Mining will own the remaining 84%. As stated in Daily News, the mine is expected to create 1,000 direct jobs during its projected 26-year lifespan. As per Daily News, CEO of Faru Graphite Alimiya Osman claims the Tanzanian government should earn up to $342,320 daily when the project gets underway. As reported in Daily News, Executive Chairman of Faru Graphite John Vries claims that when dividends, taxes, duties, etc. are considered, the Tanzanian government should earn approximately $8.5 billion from the project, based on the enhanced definitive feasibility study. As stated by Daily News, a special mining license was granted to Faru Graphite in September 2022 and the project is now in the development stage. According to Daily News, Osman says that infrastructure issues, including a power supply to the mine site, the construction of tarmac roads from the site to the Tanzania-Zambia Railway in the town of Ifakara, will have to be addressed.