State Mining Corporation (STAMICO), a wholly owned Government enterprise, is a under the Ministry of Minerals established by the Public Corporation Act cap 257 through State Mining Corporation Establishment Order No. 163 of 1972 as amended in 2014. The Corporation which became operational in 1973 was formed to perform functions stipulated under Section 4 of its Establishment Order, 1972. The major economy policy reforms in 1980’s through the Public Corporation Act of 1969 was over hauled, the Public Corporation Act of 1992 was then enacted which stripped away ownership of subsidiary companies from public ownership and STAMICO being a part, Section 48(1) of the Act stated the following:
“All the shares subscribed by the government in any Public Corporation through another Corporation before effective date, shall after the effective date be transferred to the Treasury Register by the said former Holing Public Corporation and those share shall vest in Treasury Register without any further assurance”. Hence the subsidiary of STAMICO where privatized and liquidated in 1997, where the Corporation was placed under the President Parastatal Sector reform commission as a specific Public Corporation, however in 200 under justice Mark Bomani Commission Report STAMICO was recommended to be closed.
After a thorough consideration of the strength and potential of the Nation Growth Economy through Mining Sector it was again recommended to continue having STAMICO from 1990 to 2010 without any direct or indirect fund from the Government. Hence, STAMICO concentrate on high demanding of drilling activities and exploration activities so that to generate its economy and income.
STAMICO was re-established in 2015 through the Public Corporations (Establishment) (Amendment) Order, 2015 with the aim of increasing the contribution of the mineral sector to the national economy and creating employment opportunities to Tanzanians