TANZANIA has inked deals worth $667 million with three Australian companies for rare earth and graphite mining projects. As part of
President Samia Suhulu Hassan’s efforts to expedite negotiations on long-pending mining and energy ventures, Tanzania will hold a 16 percent stake in jointly established companies with Evolution Energy Minerals, Ecograf, and Peak Rare Earths, according to Palamagamba Kabudi, the chairman of the government’s negotiating team.
The move comes as the US and its allies, including Australia, seek to reduce their dependence on China for rare earth minerals, which are crucial in consumer electronics, electric vehicles, renewable energy, smartphones, and military equipment.
Peak Rare Earths will mine the minerals in the southwest of Tanzania in Ngualla, while Evolution Energy Minerals and Ecograf will focus on graphite mining in the southern, eastern, and northern regions of the country. Graphite is a key component in lithium-ion batteries, with China currently accounting for about 70 percent of global graphite production, makin
g alternative sources highly sought after.
