Tanzania plans to set up a minerals exchange by the end of the year as the East African country looks to reap benefits from its resources, Bloomberg News reported July 26, citing Minerals Minister Angellah Kairuki.

The minister added that officials from the Tanzania Mercantile Exchange will help develop the mineral exchange.

Tanzania's mineral resources include gold, diamonds, iron, silver, copper, graphite, as well as other rare earth minerals such as gemstones.