The Ministry through NDC signed a Joint Venture Agreement with investor Fujian Hexingwang Industry Tanzania Co.Ltd for the implementation of the Maganga Matitu Iron and Steel Project in August, 2024.
The investment in the project is estimated at US$77.45 million and will last for 25 years, making Tanzania the fourth (4) African country in steel production.
All stages of the project implementation have been completed including the Feasibility Study, which identified the presence of 100 million tonnes of iron ore deposits at inferred grade with iron (44.6%), Titanium Oxide (11.2%) and Vanadium Pentoxide (0.41%). In addition, the mine is expected to produce 1.0 million tonnes per annum of crude steel, 100,000 tonnes per annum of titanium concentrate and 483,000 tonnes per annum of tailings.
By March 2025, the Maganga Matitu Minerals Corporation Limited (MMCL) Joint Venture Company has been established between the Government through the Registrar of the Treasury, NDC and the investor.