DAR ES SALAAM, Aug. 4 (Xinhua) -- Tanzania's state-owned National Development Corporation (NDC) and a Chinese company, Fujian Hexingwang Industrial Co. Ltd, signed an agreement on Saturday to develop the Maganga Matitu iron ore project in the Njombe Region.
The signing of the 77.4-million-U.S.-dollar project that seeks to produce sponge iron as raw materials for steel industries was witnessed by Deputy Prime Minister and Minister for Energy Doto Biteko in the port city of Dar es Salaam.
Speaking shortly after the agreement was signed, Biteko said the project is expected to boost the country's economic growth through industrial development.
NDC Managing Director Nicolaus Shombe said the iron ore project, covering an area of 19.63 square kilometers, is part of the Liganga iron ore project, which is located in the Ludewa District.
Shombe said the project is one of the country's major projects that will bring economic benefits by creating jobs and also producing iron that is needed for many infrastructure projects that the government is implementing.
