Our mining company MAGANGA MATITU RESOURCE DEVELOPMENT LTD (MMRDL) is a 50:50 joint venture between MM Steel Resources Public Limited Company and the National Development Corporation (NDC) of Tanzania. The joint venture agreement was signed on September 2009 with an aim to develop the iron ore mines at Maganga Matitu, coal mines in Katewaka and set up a 300,000 tpa capacity integrated steel plant in the Ludewa district in Southern Tanzania. MMRDL is keen to develop Maganga and Ketewaka as standalone profitable mining and processing operation. MMRDL currently possess prospecting rights to Maganga spread over an area of 20 sq km and in Ketewaka.

It aims to start production of sponge iron to feed domestic steel mills and export it when the project attains its rated capacity under its planned expansion program.

The production of sponge iron requires both iron and coal as primary raw materials. The project intends to utilize titaniferous magnetite deposits at Maganga Matitu and coal at Ketewaka.

Once production commences, the joint venture project intends to supply sponge iron to local steel manufacturers and eliminate the need to import iron billets. MMRDL has completed major sub surface diamond core drilling and exploration program in both the deposits through a detailed geological study. Key points of note are that the project forms the basis of industrialization in Tanzania and thus • Contributes to the goals of the nation leading to self sustaining industrialization. • Acts as stimulus to other sectors of the economy. • Enhances development of indigenous capabilities. • Ensures full and effective utilization of local natural resources. • Creates jobs – about 4000 direct and indirect jobs will be created. • Transfers new environmentally friendly technology to Tanzania.