Stamico shine at public sector chairs, executives meeting 2023

The corporation secured first place in the Public Institution category for its remarkable performance changes in the year 2023, solidifying its position as a Turn Around Company in Financial and Operational Performance.

Stamico was awarded second place in the Public Sector category for its Outstanding Dividend Payment into the Government General Fund.

This remarkable feat was celebrated in Arusha during the session's opening ceremony, in the presence of President Samia Suluhu Hassan, Stamico Director General, Dr. Venance Mwasse, and Stamico board chairman, Major General (retired) Michael Isamuhyo.

In her opening speech, President Samia acknowledged the exceptional performance of certain public institutions, particularly those who prioritize profitable productivity and maintain operational independence while paying dividends to the government.

She emphasized the crucial role these establishments play as pillars of national development and the economy. President Samia further highlighted the correlation between the quality output of such institutions and the overall success of the state, underscoring the need to reduce reliance on external support and foster independent growth.

Nehemiah Mchechu, the Treasury Registrar, extended sincere congratulations to Stamico, recognizing the corporation's journey from a stage of potential dissolution to becoming a significant contributor to the government's general-purpose fund.

Recently, the Minister for Minerals, Dotto Biteko, made the similar sentiment, commending the Board of Directors and Management of Stamico for their commendable efforts in revitalizing the entity and securing partnerships with renowned mining companies, such as Geita Gold Mining Limited (GGML), for the excavation of precious minerals.

Expressing gratitude upon receiving the prestigious awards, Dr. Mwasse attributed their success to determination and decisive action. He highlighted the corporation's commitment to aligning their decisions with President Samia's vision for public institutions, which ultimately led to heightened productivity and the removal of Stamico from the dissolution list.

Dr. Mwasse emphasized that Stamico has evolved into an exemplary organization, focused on delivering exceptional results for society.

When questioned about Stamico's external investments, Dr. Mwasse revealed that President Samia's directive to expand investments beyond Tanzania had motivated the corporation to pursue opportunities in other countries.

By diversifying their investments, Stamico aims to generate additional revenue that will support the government in fulfilling its obligations. Dr. Mwasse emphasized that these endeavors align with the primary responsibilities of state-owned enterprises.

Adding to their recent accolades, recently Stamico was also honored as the Africa Company of the Year Award (ACOYA) recipient for 2023 within the mining sector.

These achievements fortify the corporation's position as a leading force within the mining industry, further solidifying their prominence and accomplishments as they embark on the Public Sector Chairs and Executives' Meeting 2023.