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Browsing: gold mining
The mining industry in Tanzania holds a unique position as one of the most financially rewarding sectors, consistently generating foreign currency. Beyond its economic significance, this sector also wields considerable political influence within the nation. Therefore, a recent multi-million-dollar agreement forged with Australia and the US for the extraction and processing of critical minerals positions Tanzania advantageously as it prepares to participate in the forthcoming Critical Minerals Summit 2023.…
- 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.…
Biological Oxidation is the latest technology that ensures better processing of gold ores with high Sulphur content. Ores at Cam and Motor gold mine have high Sulphur concentration increasing cyanide consumption during the leaching process.
The technology uses bacteria to reduce Sulphur content before cyanidation. The mine is reported to have received 20 litres of bacteria from neighbouring South Africa and has developed enough to feed the three tanks. This innovative solution for the treatment of ores significantly reduces cyanide consumption, therefore reducing operating costs.
The BIOX plant is one of the key projects expected to get the firm’s turnaround strategy back on track. According to RioZim’s abridged press circular, recent geological and metallurgic test work revealed that with the current technology and the grades of ore, Cam and Motor can produce significant amounts of gold at a competitive cost of production.…
The company has managed to make a strong comeback from when it faced an existential threat when prices of commodities slowed down in 2014. Prior to that period, mining company shares were hot because of China’s urbanization. It drove prices of commodities through the roof taking the shares of resource companies with them.
When China’s economic growth slowed down the miners also felt the pinch. The pinch was felt especially at Gold Fields which had to restructure its business and retrench at least 1,300 workers mainly from Ghana to ensure the long term sustainability of the company. The restructuring produced desirable results characterized by net cash inflow of US$ 235 million. In that same year, its Australian operations produced 1 million ounces of gold.
The company’s operations are massive and span 3 continents.…
Tourism was Tanzania’s leading source of forex—this according to data from the Ministry of Natural Resources and Tourism—but that was only true before the global Covid-19 pandemic hit.
Statistics from the ministry show that the country earned an impressive USD2.5B from the tourism sector in 2019. That was the highest it would rake in before Covid-19 befell the world in 2020. To date, the future looks grim.
The effect of the global pandemic on Tanzania’s economy in general has been devastating. Consider the fact that earnings from the travel subsector have plummeted by more than half its pre-pandemic earnings. …
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In August 2020, Mali had a bloodless coup carried out by military officers leading to the country’s President Ibraham Boubacar Keita and Prime Minister Boubou Cisse resigning.
The coup came after months of protests against Keita’s administration.
News like this has dominated the country’s narrative but little has been said about its economy and growth.
According to the African Development Bank (AfDB) Group, Mali’s economy has remained resilient despite the security crisis. The West African country recorded a 5 per cent real GDP growth in 2019 driven by favourable gold and cotton production. It had a budget deficit of 3.1 per cent of GDP and 0.4 per cent inflation while public debt stood at 35.5 per cent of the GDP at the end of 2018.…
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Registered traders and exporters are providing a sheen of legality by declaring a small percentage of their gold exports while pocketing massive profits from the illicit trade.…
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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 Tanzanian government has found itself within mining dispute after three mining companies operating in the country, over various mining disputes.
The three have engaged the government in among other disputes a breach of international laws and mining licenses.
Winshear Gold Corporation
Canadian miner, Winshear Gold Corporation was the first miner to serve notice of intent to the Tanzanian government on January 10, which is in accordance with the 2013 Agreement for the Promotion and Reciprocal Protection of Investments (Bilateral Investment Treaty – BIT) was delivered to the Attorney General of Tanzania.
According to the company’s statement, the dispute develops out of certain acts and omissions of the United Republic of Tanzania in breach of the BIT and international law, relating to the Company’s investment in the SMP Gold Project located in Tanzania.
The gold miner commenced exploration activities on the SMP Gold Project in 2006. Successfully the company via …
Increased gold export in recent months has strengthened the Ugandan shilling, helping ease inflationary pressure from imported goods.
The Uganda Bureau of Statistics reported that the annual headline inflation had slowed to 1.9 per cent in the month of September compared to 2.1 per cent registered in August, which is largely attributable to a stronger shilling.
Data from the Bank of Uganda shows that the shilling which was trading at 3,765.6 against the dollar in May, has remained stable at just over the 3,600 units for the months of August and September.
Since May, Uganda’s earnings from gold exports have been increasing from $78.7 million to $97.3 in July.
Dr Fred Muhumuza, a development economist, says the shilling which had been destined to reach the 4,000 units to the dollar mark, is now gaining strength thanks to Uganda’s gold exports.