State Mining Corporation (STAMICO) is a parastatal which was established in 1972. Its Management is vested in the Board of Directors while the day- to- day operations are under the Director General. The main functions are as follows:-
- to engage in mineral prospecting and mining and any other activities related thereto;
- to acquire by agreement and hold interests in any undertaking, enterprise or project associated with the exploration, prospecting and mining;
- to acquire shares or interest in any firm, company or other body of persons, whether corporate or unincorporated, engaged in mining of, or in prospecting, refining, grading, producing, cutting, processing, buying or selling or marketing of minerals;
- to carry on its business, operations and activities whether as principal agent, contractor or otherwise, and either alone or in conjunction with any other persons, firms or bodies corporate.; and
- to oversee the transformation of artisanal and small-scale mining sub-sector into regulated, environmentally friendly, safe, productive and sustainable operations.
To be a world class investor and service provider in the mining sector in Africa contributing significantly to the national economy.
To invest in the mining sector through mineral prospecting; developing and operating mines; shareholding; share and mineral commodities trading; engaging in mineral value addition; and to provide quality services in management of mines, drilling, consultancies and other related businesses.
The main objective of STAMICO is to increase the contribution of the mineral sector to the national economy and create gainful employment opportunities to Tanzanians.