- Remembering the legacy of President Hage Geingob, a true African giant
- d.light and Chapel Hill Denham ink $7.4M deal for solar projects in Nigeria
- Nigeria’s Bold Offshore Gas Mining Plan to Cost $5b as It Eyes Supplies to Europe
- Communicating successfully: the pain points facing African startups in scaling up
- Kenya Faced Alarming Rise in Ransomware Attacks, AI Threats in 2023 – Kaspersky
- African Central Banks Unite to strengthen Intra-African Payment Systems
- Luxury Tourism in East Africa Boom as Global Chains Pump Millions in Investments
- Blockchain for Employment: Africa’s Leap into the Gig Economy
Browsing: Gold in Tanzania
- Corruption, inadequate mining laws, and crackdowns on artisanal gold miners are fueling trade in conflict minerals.
- Cut-throat competition for control of the profitable mineral is to blame for killings and exploitation of people.
- Armed groups in Burkina Faso, Mali, and Niger are terrorizing gold-mining communities by levying taxes in the pretext of offering protection.
West Africa is becoming a hub for the trafficking of conflict minerals partly because of rampant corruption, inadequate mining laws, and ongoing crackdowns on artisanal and small-scale gold mining (ASGM) operations.
Conflict minerals, which are mostly linked to gold rush, are fanning instability in political, economic, environmental, social, and security spheres of populations in West Africa.
Conflicts in mining zones are on the rise in gold-rich Mali and Burkina Faso and parts of Chad. This as competition for control of the profitable mineral fuels killings and exploitation of poor populations.
Gold mining has been a significant…
- 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.…
- Tanzania is planning to attract over 2000 local and international investors to explore the vast opportunities in her mining industry.
- The October 25 to 26th forum will help unleash strategies to execute better projects, finances, and investments.
- By 2025, the government of Tanzania projects that the mining sector will account for 10 percent of her GDP.
Over 2000 local and international investors are set to meet in an international conference in Dar es Salaam to explore innovative ways to unlock the full potential of Tanzania’s mining industry. The international conference, which will be held on October 25 and 26, will be hosted by the government in Dar Es Salaam in collaboration with the private sector via DMG Events
“Tanzania miners can’t work in isolation. We need to work with the world; hence you are welcome,” Dr Doto Mashaka Biteko, Minister for Minerals said at the Tanzania Mining and Investment Forum …
As the world and the East African region continue to recover from different kinds of economic shocks triggered by Covid-19, inflation in Tanzania has also taken different turns. According to the review, in August 2021, twelve-month inflation remained at 3.8 per cent, which is noted to be the same, as the last month.
On the other side of the fence, the review showed that core inflation—of which its index calls of the largest share in consumer price index (CPI), rose to 4.5 per cent in August 2021 from 4.1 per cent in July 2021, this is attributed to the increase in transport costs, “reflecting an upward shift in fuel prices”.
Things seemed to work better in food inflation, whereby annual food inflation—excluding alcoholic beverages, slimmed down to 3.6 per cent from 5.1 per cent, the review argues that this is due to a decrease in prices of maize and maize …
The central bank of Tanzania (BoT) released the monthly economic review report on Wednesday, August 2021. The report brought various in-depth details on the performance of the life-pumping sectors of the economy in Tanzania, including exports, imports, and money supply.
Tanzania has managed to sustain the inflation to a considerate level over the past month; hence in the recent report, the East African country has continued to keep the inflation on a low level and within the benchmarks set forth at national and regional levels.
The report argued that this is attributed to sufficient domestic food supply, stable exchange rate, and prudent fiscal and monetary policies.
“Twelve-month headline inflation increased to 3.6 per cent from 3.2 per cent recorded in the corresponding period in 2020 and 3.3 per cent recorded in May 2021. The increase was mainly attributed to an increase in prices of non-food items”, the Bank of …
Barrick Gold, the New York Exchange-listed mining company with deep business ties in Africa, has once again ignited strong business prospects in Tanzania’s mines—one of East Africa’s nation endowed with abundant minerals.
Within its statement, provided on Thursday, January 28, 2021, the miner stated that its mines in Tanzania are revived and performing well, this comes after Barrick gold resolved laid disputes raised by the government and ushered new dawn of partnership in the profitable sector.
“The North Mara and Bulyanhulu gold mines both produced near the top end of their production guidance in 2020, their first full year under Barrick’s management. Including Buzwagi, the Tanzanian assets delivered a combined output of 462,472 ounces for the year” the statement read in part.
Road to ignition of business
Barrick—the world second-largest gold miner took over Acacia mining and went through a rather historic path to secure business in Tanzania, after rather …
The Government of Tanzania and Barrick Gold entered into a partnership last year, and created a new joint venture, Twiga Minerals Corporation.
Barrick Gold’s one-year-old partnership with the Tanzanian government marked new ground as the Canadian miner was awarded 10 new exploration licenses this year and subsequently plans to spend $8 million on exploration, Barrick’s president and chief executive Mark Bristow said during a recent press briefing.
According to Barrick, the North Mara mine—which was at the centre of scrutiny by the Tanzania government is now “re-energized and ahead of plan in the year to date and Bulyanhulu has resumed underground mining operations and is scheduled to restart processing of underground ore by the end of 2020 as a long-life underground mine”.
All of these affairs operate under the new joint venture named—Twiga Minerals Corporation, in charge to oversee three gold mines, Bulyanhulu, North Mara and …
The monthly economic review produced by the Tanzania central bank (BoT), depicted rather positive prospects of the economy, such as inflation, fuel prices and food stocks, despite the grim grip of the coronavirus (COVID-19), which hurt several sectors of the economy.
The report published on Tuesday, marking the financial year ending June 30, 2020, also displayed good performance of the exports, foreign exchange reserves and interest rates.
Government budgetary operations took a slight hit, as the domestic revenue collection performed below the target due to the virus grip, standing at almost $559,000.
“However, the collection was higher than in the corresponding %54.4 million and an increase of $ 867.1 million from the end of the preceding month and the corresponding month of 2019, respectively. Much of the external debt stock was central government at 78.2 per cent” the monthly review noted.
Domestic financial markets
According to the central …
Barrick Gold Corporation—one of the world’s biggest gold miner, has delivered its first tranche $100 million of the $300 million settlement agreed with the Tanzanian government, regarding the disputes it inherited from Acacia Mining.
According to the miner’s statement, the company’s President and chief executive Mark Bristow, these were landmark events that demonstrated the strength of the partnership the company forged earlier this year through the formation of the jointly owned Twiga Minerals Corporation, which oversees the management of Barrick’s operations in the country.
“This is a striking example of what a true partnership can achieve in building a sustainable business capable of creating long-term value for all stakeholders,” he said.
The settlement tranche originates from the 2017 dispute, where Acacia Mining (Barrick’s subsidiary, taken over last year) was found to be violating several operating procedures, forcing the government of Tanzania to ban the exportation of concentrate.
Hence, the dispute …
The large-scale mining industry in Tanzania just got interesting.
On October 20th, the government of Tanzania and the mining companies previously managed by Acacia Mining, but now managed by Barrick Gold Corporation, strike a new partnership, to settle all disputes, which saw major reforms in the sub-sector in the past 3 years.
According to the government of Tanzania, the agreements have been submitted to the Tanzanian attorney general for review and legalization.
The new partnership comes, after—Acacia (now Barrick Gold), Tanzania’s largest gold producer was cleared by the Magufuli government and resumed its metal concentrates exportation after a series of regulations led by The Mining Commission of Tanzania Ministry of Minerals that impeded the export of the mineral.
Further, according to Barrick Gold, the terms of the agreement include payment of $300 million to settle all outstanding tax and other disputes; the lifting of the concentrate export ban; the sharing …