The State Mining Corporation (STAMICO), a wholly owned government corporation, is a Department of Minerals corporation created under Public Enterprise Act No. 257 through State Mining Corporation Establishment Order No. 163 of 1972 as amended in 2014. The corporation that became operational was formed 1973 to perform the functions stipulated in Section 4 of the Articles of Incorporation of 1972. The major economic policy reforms were repealed in 1980 by the Public Corporation Act of 1969, then the Public Corporation Act of 1992 was enacted which stripped the ownership of subsidiaries. Companies from public ownership and STAMICO being a part, Section 48 (1) of the Act states that:
All shares subscribed by the Government in any public institution through another institution before the Effective Date shall, after the Effective Date, be transferred to the Treasury Register by the former public corporation Holing said, and such shares shall revert to the Treasury Register without any further security.” The subsidiary of STAMICO was liquidated in 1997, as the company was placed under the supervision of the Parastatal Sector Reform Commission as a designated public corporation, but in 200 under the report of the Marc Bomani Commission, it was recommended to close STAMICO.
STAMICO was re-established in 2015 through the Public Companies (Incorporation) (Amendment) Act 2015 with the aim of increasing the contribution of the mineral sector to the national economy and creating job opportunities for Tanzanians.
CONTACT INFO:
State Mining Corporation
United Nations Road-Upanga, Plot No.417/418, P.O.BOX 4958, Dar es Salaam, Tanzania.
info@stamico.co.tz
+255 222150029
Fax : +255 222150029