The Tanzanian government is in the final stages of granting Australia’s Peak Resources Ltd., the country’s first rare-earth mining license, as it seeks more revenue from its natural Resources.

Separately, the Tanzanian government is in the final stages of awarding the Nyanzaga gold mine in the northwest of the country to another Australian mining company, OreCorp Ltd.

Tanzania is Africa’s fourth-largest gold producer and the government hopes to increase mining revenues by at least a third over the next three years.Tanzania is also rich in coal, rare-earth metals, iron ore and gems.

PR NG Minerals is in the final stages of securing a special mining concession for its Ngualla rare earths project, according to The Tanzanian mining minister.The company is a subsidiary of Australian-listed Peak Resources.

Rare earths are widely used in electric cars, smartphones, renewable energy and the defense industry.

Gold mining is now Tanzania’s biggest source of foreign exchange income.The country’s gold exports have fallen sharply, hit by a crackdown on smuggling and a halt to exports caused by the government’s dispute with Barrick Gold.But gold exports are recovering.

The tanzanite government hopes to increase mining revenues by 33 per cent to Shillings 701.1bn in 2023-24 from Shillings 526.7bn this fiscal year, by increasing production and exports, curbing smuggling and strengthening industry regulation.

Last month, the Tanzanian government received its first cash dividend of $4,000 from a 16 per cent stake in the joint venture with Barrick.Under a mining law passed in 2017, Tanzania has used this as a model to sign cooperation agreements with major mining companies, including Angloashanti Gold.