The government has been advised to be transparent when entering into contracts with multinational companies in mining.
By so doing, members of the public will be made aware of their own resources, said Finnish ambassador Pekka Hukka.
He was speaking on the sidelines of a tree planting event to commemorate the centenary of Finland Independence.
He hailed President John Magufuli for ensuring that multinational companies pay mining taxes accordingly and declare values of minerals for export. "It's high time developing companies thought hard how to use natural resources for their own benefits."
He faulted governments that give foreign companies a give free hand to to handle their countries' resources as developing countries would lose.
He said for Tanzania to benefits from its resources the government should conduct negotiations with foreign companies transparently. "The government needs to be realistic on what it can get from those companies as well as the value addition which has more worth than the actual minerals."
He noted that Finland was doing well with its resources because the public had been involved in every process and people were happy with whatever outcome.
"The public understands whether there are losses or gains because it is involved in the whole process including negotiations with companies."
In recent months the government has been striving to ensure that it benefits from its resources. There is a tax dispute involving the government with Acacia.
Petra Diamond ws recently accused of undervaluing diamonds for export at the Julius Nyerere international Airport.