Browsing: gold mining

Strategic investment deepens AFC’s influence in mining infrastructure, unlocks export potential in Côte d’Ivoire and Mali. Both Côte d’Ivoire and…

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.…

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.

Barrick Gold Corporation—one of the world’s biggest gold miner, has delivered its first tranche $100 million of the $300 million…

The Tanzanian government has found itself within mining dispute after three mining companies operating in the country, over various mining…

Increased gold export in recent months has strengthened the Ugandan shilling, helping ease inflationary pressure from imported goods. The Uganda…