Mantra drives $1.2bn uranium project in Tanzania

Mantra Tanzania Limited has reaffirmed its commitment to transforming the socio-economic landscape of Namtumbo District in Ruvuma Region, as it officially launched Tanzania’s largest uranium development project valued at approximately USD 1.2 billion.

The landmark initiative, unveiled in the presence of President Samia Suluhu Hassan, positions Tanzania as an emerging force in the global uranium market, with an anticipated annual output of seven million pounds. This rare mineral, essential in nuclear energy generation, medical treatment, and environmental applications, is expected to drive both national revenues and local community benefits.

Speaking at the event, Mantra Tanzania’s Managing Director, Mr. Oleg Snitko, described the launch as “a new chapter of cooperation” between Tanzania and its international partners. He outlined the phased approach to the project — beginning with the construction of a pilot facility capable of processing up to 3,000 tonnes of uranium ore, followed by a full-scale plant set for completion in 2026, with commercial production expected by 2029.

 “For us, this is more than just a uranium project — it’s about giving back to the community around the project site, which is a core value of our operations,” Mr. Snitko said.

The project is expected to create over 4,500 jobs, with more than 4,000 positions earmarked for Namtumbo residents. An estimated 21,000 households are set to benefit through opportunities across the mining and energy value chain. Additionally, Mantra Tanzania has committed to investing in local infrastructure and social programs, including education, healthcare, environmental protection, and empowerment initiatives for women and youth.

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Sustainability Manager Majani Moremi provided insight into the unique uranium extraction process at the Mkuju River site, emphasizing the company’s strict adherence to safety protocols and environmental regulations. “We work closely with the Atomic Energy Commission to ensure compliance with both national and international safety standards,” he noted.

The significance of the investment was echoed by Ruvuma Regional Commissioner Col Ahmed Abbas Ahmed, who hailed Mantra’s role in boosting the region’s economy and driving long-term development.

With the Tanzanian government holding a 20% stake in the project, revenues from taxes, royalties, and dividends are projected to run into hundreds of millions of dollars, directly supporting social services. President Samia stressed the importance of ensuring these benefits are felt by the local communities, aligning the initiative with Tanzania’s Development Vision 2050.