Browsing: Geita Gold Mine

• As more countries choose gold over dollar for national reserve, Tanzania is requiring all miners to remit 20% of their gold output.
• This is part of Tanzania’s shift from U.S. dollar reserves system to the precious mineral since creating it’s national gold reserve last year. 
• Across the continent, Kibali, a gold mine in the DRC remains the largest gold producer in Africa.

Gold is dominating international markets, with soaring demand set to reshape Africa’s gold mining industry. As more countries shift toward trading in local currencies, gold is emerging as a strong contender against the U.S. dollar as the preferred store of value. This raises a critical question—why aren’t African economies, rich in gold, building up their own gold reserves?

Take for instance, the case of Tanzania, a country that ranks between third and fourth largest gold producers in Africa, this wealth of one of the most valuable minerals does …

• Tanzania will start purchasing gold through the Bank of Tanzania (BoT) with a view to establishing a National Gold Reserve.
• This initiative will significantly drive gold mining activities across the nation.
• Tanzania exports gold mainly to South Africa, India, and Switzerland

A plan to re-stablish Tanzania’s gold reserves is promising to hand a lifeline to thousands of small-scale gold miners in Tanzania’s mining industry.

Tanzania has several significant gold mining projects and operations, offering job opportunities to thousands of people. At the moment, Tanzania is one of the top producers of gold across Africa. Consider the Mwakitolwo gold mine in Shinyanga, which employs over 10,000 people despite using an artisanal approach.

Mines to build Tanzania gold reserves

Numerous large-scale gold mines are present in Tanzania and are run by both local and international mining firms. Some of the leading gold mines are Geita Gold, Bulyanhulu, North Mara and Golden Pride.…

AngloGold Ashanti, third-largest gold-miner in the world with operations in South Africa on Friday has reported a 72 per cent jump in annual earnings. AngloGold reported that it nearly doubled free cash flow in 2019 to $129 million.

The miner attributed the earnings surge to the higher gold prices and robust operational performance from its Kibali, Geita, Tropicana and Iduapriem mines.

According to the miner’s statement, AngloGold Ashanti headline earning per share measure in South Africa, went up to 91 cents on December 31, 2019, from the previous year, while free cash flow before capital expenditure on growth projects, rose 106 per cent to $448 million.

However, the gold-miner statement noted that: AngloGold Ashanti invested sustaining capital of $494million in 2019 and has forecast an increase to between $640 million and $670 million in 2020.

Also, the additional investment will help the company convert existing resources into additional ore reserves …