• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    East African Community Unveils Bioeconomic Strategy for the next Decade
    Africa Exchange Fair Trade Limited (AFEX) Expands Into Kenya, Target High Commodities Trading While Bolstering the Continent’s Food Security
    Ghana & Nigeria to Improve Cross-Border Trade
    Tanzania Seeks to Reach New Record Cashew Production by 2025
    Nestle Nigeria Capitalized Rural Women to enable Financial Capacity and boosting Standard of Living
    World Trade Organization published…Trade plays an Important facet in Access to Medical, Goods and Services
    African Development Bank Group President Calls for More Partnerships to Build Africa’s Social Infrastructure
    Ghana, Key Stakeholders: Sign a Renewable Energy Agreement Worth US$69.88 Million to Improve Access and Socio-Economic Development
    Africa Development Bank Approves $1.5 Billion Facility to Counter Food Crisis on the Continent
    Sh32 Billion of Phase 2 of Second Container Terminal of the Kenya Ports Authority at the Port of Mombasa is finished off and…commissioning in June of 2022

    Tanzania, $15 Million Plant, Gold Refinery Get Started in October

    Posted On 20 Sep 2019
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Abdul Rahman Suagibu –

    Photo Credit: Allfreedownload

    NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- Approximately in six weeks, Tanzania first gold refinery is set for completion, and the country will be carrying more from its prized mineral resource.

    The $15 million dollar plants, located in the administrative capital- Dodoma will process raw gold produced in over nineteen regions in Tanzania and neighboring countries such as the Democratic Republic of Congo (DRC0). It is anticipated to have a production capacity of minimum 40 kilogram of refined gold per day, processed from almost one ton of gold ore, said Prince Mgisha- the Chief Operating Officer of Eyes of Africa Limited – a Serbian Mining Company that owns the refinery furthered that, Tanzania is one of the top gold – producing countries in Africa, has been exporting raw gold for many years and it would now export the refined product and get more earnings from the value addition with the would be refinery. “As Africa’s fourth – largest gold producer, this is a huge step for our country and economy”, Dotto Biteko, Tanzania’s Minister for Minerals noted.

    Tanzania, which saw its first international gold trading hub inaugurated in March, has about 28 mineral trading centers in operation around the country.

    Reports propose that, an average of 20kg of gold is traded per day at each mineral hub. The advantages of the refinery extended to artisanal and small – scale mines in the country as well.

    According to Mgisha, they will be able to have their gold refined and use it as collateral to get loans from banks.

    Moreover, when the price of gold goes up, the same gold used as collateral for loans could still be sold for a higher price.

    “Artisanal and small – scale mines in the country have suffered from a lack of loans, capital and poor investment, but this is about to change”, the COO said.

    The refinery will also create employment opportunities for locals after it becomes operational. Meanwhile, the bank of Tanzania plans to tap into the business potential of the Dodoma gold refinery by running a gold reserve with locally refined stock.

    Before now, President John Magufuli arranged the central bank to create a gold reserve to supplement national reserves. The president since assuming office in 2015 with his sectorial reforms also directed the Apex Bank to enforce control on mineral exports.

    Meanwhile, the central bank unveiled that, Tanzania’s gold exports rose 23%. Being Africa’s fourth biggest gold producer after South Africa, Ghana and Mali, Tanzania hopes to see a spring back in its mining sector after a tax enforcement and revise of its mining gold in 2017 spooked foreign investors.

    www.newafricabusinessnews.com
    Africa’s Most Read and Fastest Growing Global Newspaper. Forward www.newafricabusinessnews.com  

    For New Africa Business News Abdul Rahman Suagibu Reports,  Africa Correspondent

    Facebook: newafricabusinessnews.com

    Email: Info@newafricabusinessnews.com

    AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com

     

    NEW AFRICA BUSINESS NEWS
    COMING SOON ADVERTISING OPPORTUNITY WITH AFRICA’S FASTEST GROWING GLOBAL ONLINE NEWSPAPER. THANK TO COMPANIES THAT WANT TO ADVERTISE.   INFO@NEWAFRICABUSINESSNEWS.COM.

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    Rwanda Economic Growth Grew by 12.2%- Africa Last Frontier For Investment

    Next Story

    AfDB Unveils New Study Policy Paper on Employment in Africa

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    East African Community Unveils Bioeconomic Strategy for the next Decade

    Posted On 29 Jun 2022

    Africa Exchange Fair Trade Limited (AFEX) Expands Into Kenya, Target High Commodities Trading While Bolstering the Continent's Food Security

    Posted On 24 Jun 2022

    Ghana & Nigeria to Improve Cross-Border Trade

    Posted On 21 Jun 2022

    New Africa Business News, Person of the Year 2021-2022, Goes to African Women

    Posted On 29 Jan 2022

    New Africa Business News Award Medalist of Excellence as Africa's President of the Year 2020-2021 meets the Heads of his Ancestors on March 17th, 2021 Samia Suluhu Hassan divulged

    Posted On 20 Mar 2021

    New Africa Business News, Person of the Year 2020-2021, Goes to Dr. Arikana Chihombori Quao

    Posted On 01 Jan 2021

    Thanks for reading, Africa’s fastest...

    Posted On 27 Apr 2022

    Thanks for reading, Africa’s fastest...

    Posted On 27 Apr 2022

    Thanks for reading, Africa’s fastest...

    Posted On 27 Apr 2022

    Facebook

    Latest Posts

    East African Community Unveils Bioeconomic Strategy for the next Decade

    Africa Exchange Fair Trade Limited (AFEX) Expands Into Kenya, Target High Commodities Trading While Bolstering the Continent's Food Security

    Ghana & Nigeria to Improve Cross-Border Trade

    Recent Posts

    • East African Community Unveils Bioeconomic Strategy for the next Decade
    • Africa Exchange Fair Trade Limited (AFEX) Expands Into Kenya, Target High Commodities Trading While Bolstering the Continent’s Food Security
    • Ghana & Nigeria to Improve Cross-Border Trade
    • Tanzania Seeks to Reach New Record Cashew Production by 2025
    • Nestle Nigeria Capitalized Rural Women to enable Financial Capacity and boosting Standard of Living

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.