Tanzania’s gold production rose to 40.4 t in 2011 from 35.6 t a year
ago after mining companies invested in higher output due to cash in on the
rising price of the precious metal, its central bank said yesterday.
Africa's fourth largest gold
miner behind South Africa, Ghana and Mali, said exports earnings surged 47% to
$2.226-billion from gold exports last year, helped by higher output and world
market prices.
"The price of gold went up by 28% to $1 568 per troy ounce and the
export volume increased to 40.4 t from 35.6 t recorded in 2010," the
central Bank of Tanzania said in a report on its website.
Gold, Tanzania's biggest foreign exchange earner, accounted for 59.1%
of the country's total non-traditional exports last year.
"Gold and other precious metals including diamond and tanzanite
are the major exports to Switzerland, China and South Africa," said the
central bank.
Tanzania plans to increase the contribution of the mining sector to
gross domestic product (GDP) to 10% by 2025 from 3.8% last year.
African Barrick Gold said on Wednesday it will pay the Tanzanian
government an additional one percent in royalty, citing the current gold price
environment.
Other major gold producers in Tanzania include Anglogold Ashanti, which
owns the Geita gold mine, and Resolute Tanzania, which owns the Golden Pride
mine.
Large-scale gold mines have invested around $3-billion in Tanzania over
the past decade, according to government estimates.
Source: BusinesslinkTZ, businesslinktz.blogspot.com
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