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Tanzania is poised to benefit significantly from a $77.4 million iron ore deal signed between the state-owned National Development Corporation (NDC) and China's Fujian Hexingwang Industrial Co. Ltd.
This agreement, aimed at developing the Maganga Matitu iron ore project in the Njombe Region, is expected to produce sponge iron for the steel industry. The project, which covers an area of 19.63 square kilometers, will not only create jobs but also support the country’s industrial development, contributing to overall economic growth[2].
Citations:
[1] https://dailynews.co.tz/category/business/economy/
[2] https://english.news.cn/africa/20240805/084428e2fc9b4ad99e2d69748d0c6135/c.html
[3] https://www.worldbank.org/en/news/press-release/2024/03/12/tanzania-afe-can-unlock-important-economic-benefits-by-accelerating-health-and-fertility-improvements
[4] https://blogs.worldbank.org/en/nasikiliza/helping-africa-win-better-deals-its-minerals
[5] https://www.afdb.org/en/countries/east-africa/tanzania
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