Fifteen local companies (SMEs) to benefit from North Mara Gold Mine business development program.

Fifteen local companies (SMEs) to benefit from North Mara Gold Mine business development program.

To ensure that SMEs in the mining sector benefit from the mining value chain, North Mara Gold Mine in Tanzania has announced that 15 local companies will graduate from its local business program.

The program was launched last year November, 2021. Since then, four workshops and mentorships have already taken place purposely to build capacities of different local companies to help them take advantage of the available abundance opportunities in the mining sector.

The program is executed under the auspices of Kengo in partnership with Barrick and the College of Business Education (CBE). Mark Bristol, Barrick’s President and Chief Executive, says the programme is a trailblazer in the mining sector and urged others to follow suit.

“We are proud to have led the way by successfully conducting this business development program, going above and beyond the mandated local content regulations. Local content is crucial for our operations, and when we strengthen SMEs, we empower the surrounding community. Barrick will continue to support the development of small to medium-size enterprises, which are indispensable for economic growth,” – he said.

The program has reaped significant achievements such as the development of strategic plans for all participating companies, improved credit cycles, and the consolidation of new business opportunities.

The graduates also benefitted from the Ministry of minerals, Tanzania Revenue Authority, Dar es Salaam Stock Exchange (DSE), and other institutions. 

Commissioner of the mining commission, Ms Janet Reuben Lekashingo, stated, “The government through 2017 local content regulations provided an appropriate blueprint for local enterprises to benefit from investments in the country through opportunities in the supply chain”.

However, the North Mara local business program has a customised program for local companies to abide by upon executing the program. 

The graduation ceremony will be attended by stakeholders from different institutions, including government, financial, mentors, and partners.