Tanzania Set To Open The country’s First Gold Factory

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Tanzania Set To Open The country’s First Gold Factory

Gold has been a very viable source of revenue for the people of Tanzania. However, the inability to fully refine them has cost the country a huge amount of money via importation of the refined products. Well, things are about to change.

The east African country upon completion of its first gold refinery plant will be exporting fully refined gold to other countries. The plant is currently being built in the nation’s capital Dodoma and it will be completed in October.

Tanzania’s Minister for Minerals, Dotto Biteko said that once operation fully begins, the country will be able to establish national gold reserve as called for in the Mining Act.

This project will enable the Central Bank of Tanzania to purchase and store gold following the directives of the country’s President.

Prior to now, gold was refined outside the country, the government then had to set up 28 mineral trading centers since March this year to improve revenue collection from artisanal miners.

Following the setting up the mineral trading centers, gold worth $60 million has been traded through the centers and the government has collected $3 million royalty and clearance fees, Biteko said last month.

Small-scale miners produce around 20 tonnes of gold a year, but 90 percent is illegally exported, according to a parliamentary report.

Tanzanian President John Magufuli said recently that revenue collection from mining had increased over the past two years after his government tightened controls. “Our minerals have been stolen through smuggling or through exploitative mining contracts,” said Magufuli.

Culled from www.scrapmonster.com

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